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THE local dollar marginally lost ground to the greenback in Tuesday’s weekly trade, after remaining stable for weeks.
It traded $81.71 to the US dollar, down slightly from $81.67 last week. The Reserve Bank said the highest offer in Tuesday’s trade was $90, and lowest $79 to the greenback.
The bank met all the week’s forex demands amounting to US$29.74 million by 431 bidders.
Once fixed at US1:ZWL25, the Government floated the local currency in June, which seems to have found its true value in the past month where it has not traded above $82. The lowest the unit has traded against the USD so far was $83.40 in August.
On the parallel market, however, the rate is hovering between $97 and $105. But most companies, especially those listed on the Zimbabwe Stock Exchange have lauded the auction system for availing to them foreign currency at an affordable rate, which has brought about pricing stability. There are, however, concerns on delays in the processing of allotted funds, which the central bank has said it is working on.
– New Ziana
Online Reporter