Zim Dollar settles at 80.5

Ndakaziva Majaka

The exchange rate between the Zimbabwe dollar and the greenback eased to ZWL$80.5 following yesterday (Tuesday) seventh auction which saw US$18.5 million allotted out of US$19.7 million in total bids.

This means the local exchange lost five percent at auction as it continues in price discovery mode after slipping further from 76.8 recorded the previous week.

Data from the central bank showed a narrow range between the top and lowest bids at 87 and 70 respectively.

37 bids were received while 36 were disqualified. Raw materials received the biggest chunk of the allocations at US$7.5 million.