US dollar exchange rate moves to $63.74

By ZBC Reporter

The exchange rate of the Zimbabwe dollar to the United States dollar has moved to just over 63 dollars after another foreign exchange auction session held this Tuesday.

The buying and selling of foreign currency during Tuesday’s auction saw the United States dollar settling at an average of $63.74 to the Zimbabwean dollar in yet another foreign exchange auction session which saw a total of $16 321 028.61 United States dollars being sold.

The highest bid was 92 and the lowest bid was 37.82 whereas last week’s highest bid was 100 and the lowest rate was 25.

The session saw an increase in the amount of foreign currency sold by almost 6 million US dollars, an indication that the auction system which started last week replacing the fixed exchange rate system is resulting in more foreign currency being channelled towards the formal market.

The largest chunk of foreign currency amounting to US$7, 2 million was allocated to importers of raw materials, followed by consumables such as tires, spares and packaging was allocated about$2, 5 million US dollars

The rate of 63.74 will be the reference rate until next Tuesday’s auction.