Zim-dollar marginally declines against the US

THE Zimbabwean dollar depreciated by a negligible 0.03 percent against the United States dollar in Tuesday’s trade to close the week at $81.67.

Last week, the local unit was at $81.35. Results from the Reserve Bank of Zimbabwe’s weekly foreign currency auction show that the highest rate offered by the 272 accepted bidders was $90 while the lowest accepted rate was $79.1.

A total of US$28.29 million was allocated to the bidders, with nearly half the amount going towards purchase of raw materials for companies. The Zimbabwe dollar has largely remained stable since it was floated, with the introduction of the auction in June.

Allocations are made according to a national priority list agreed to by the central bank and local businesses due to scarcity of foreign currency.

Last week, the central bank said the bulk of the forex being allocated at the auction was coming from mineral exports.

– New Ziana