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Harare, – The Zimbabwean dollar on Tuesday marginally gained against the greenback to close the week at $81.44.
This is the fifth consecutive week that the local unit has appreciated, recovering from a low of $83.40 last month.
Last week the Zimbabwean dollar traded at $81.50.
The local currency was floated in June, having been pegged at $25 before that.
Stabilisation of the exchange rate has been welcomed by major players in the economy, who are .now accessing foreign currency through the banks.
This has positively benefited the economy through price stabilisation The official rate however still trails the parallel market which is ranging between $95 and $105.
At Tuesday’s auction, the highest rate on offer was $86 while the lowest accepted rate was $78.
About US$24.5 million was allocated to 334 bidders, with about US$9 million, allocated towards purchase of raw materials for the manufacturing industry. – New Ziana
Bongani Ndlovu