Zim dollar continues to appreciate against the greenback

Main Story Zimbabwe

Ndakaziva Majaka

THE Zimbabwe Dollar (ZWL) further appreciated against the United States Dollar today, for the second time since introduction of the forex auction trading system in June.

After gaining a marginal 0.1 percent on the greenback last week, the ZWL closed today’s auction at $82.70 from last week’s $83.32.

With the local exchange continuing in price discovery, US$3.3 million more was allotted in today’s auction, taking the total allotments at the main auction to US$18.3 million.

US$876 674 was allotted at the SMEs auction.

In terms of bids, the Main Auction’s highest bid stood at 88 while 86 was recorded at the SMEs auction. The lowest accepted bids stood at 75 and 73 respectively.

Out of 216 bids received at the main auction, 31 were rejected while 15 bids were rejected at the small volumes auction from a total of 74 bids submitted. Again, raw materials received the highest allotments at both auctions with US$8.7 million allocated to the sector at the main auction.