peter
Business Reporter
THE official exchange rate between the Zimbabwe dollar and US dollar moved to 1:76.76 after Tuesday’s auction that saw US$14,3 million being allotted.
The weekly foreign currency auction, which was in its 6th time-running since inception on June 23, saw the local dollar easing by 6,4 percent from the previous week’s exchange rate of $72.14.
The Reserve Bank of Zimbabwe replaced the fixed exchange rate of US$1:ZWL$25 to foster price discovery in the market and establishing a true value of the Zimbabwe dollar.
Demand for foreign currency at the last auction stood at US$19,3 million was marginally lower than last week’s US$20,3 million.
Online Reporter
Bongani Ndlovu