Zim dollar continues to firm against USD

By ZBC Reporter

The local Currency has for the second consecutive week strengthened against the United States dollar, according to results of this Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign currency auction.

The Zimbabwe dollar appreciated by 0.98 points to trade at 81.71 with the US dollar as compared to 82.69 dollars in the previous week.

Of note from the latest statistics is the decline in the number of disqualified bids, with only 22 bids being ineligible for both the SME and the main auction platforms.

The top and bottom successful bids in the main auction remained at $88 and $75 for the second week running, so the slight drop in the exchange rate was due to some importers putting in slightly lower bids, but remaining within a range that the Reserve Bank has signalled is generally acceptable.

A total of 21,168 million US dollars was allocated and as usual, a large chunk went towards the purchase of raw materials.