Zim dollar marginally loses value in second successive week

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  • ZW$ traded at ZWL$81.81 against US$1
  • Allotments to industry reached a new high of US$32.9 million
  • The local currency was on a two months run of successive gains until last week

HARARE – The Zimbabwe dollar marginally lost value to the United States dollar in Tuesday’s weekly forex trading, marking a second successive week shedding value after two months of sustained gains.

The local currency traded at ZWL$81.81 against US$1, down from ZWL$81.71 in the previous week. The gains recorded in the previous months culminated in relatively price stability.

Those gains were however, marginal and were maintained in a region of 81.

According to the Reserve Bank of Zimbabwe (RBZ), the highest bid was $83.330 while the lowest rate was $80 to the US$.

A total of US$30.630 million was allotted during this week’s trading while a total of 470 bids were received of which 36 were disqualified.

Quite significantly, allotments to industry reached a new high of US$32.9 million, up from US$29.7 million awarded last week.

In total, the main auction received US$30.6 million while the SMEs auction received a total of US$2.2 million.

Equity Axis News

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