Zimbabwe Dollar Steadies at 82.9

Ndakaziva Majaka

The Zimbabwe Dollar recorded its lowest drop against the greenback this afternoon after closing the ninth session of the forex auction with a weighted average of 82,9.

This comes after the local exchange started steadying last week, shedding 2.5 percent to settle at 82.5 to the Dollar.

All valid bids were allotted at $13.8 million at the main board and $519 000 at the SMEs board.

The main auction had 130 bids and 17 bids were rejected for exchange control violations while 133 bids were fully alloted.

At the SME board, 56 bids were brought forward as 16 were rejected for excon non compliance with 40 being fully allocated.

As reported by ZTN this morning, the market will soon seethe local exchange, which has so far shed over 250 percent to the greenback, stabilizing and converging with the parallel market rate.