Zimdollar Rally Continues

ZTN Correspondent

The Zimdollar (ZWL) continued in its price discovery mode trading at $81.70 against the US dollar at today’s forex auction, firming from $82.69 last week.

The local exchange has been on a steady rally for the past three auctions after initially stabilizing at $83.32 to the greenback. 

A total of US$21.16 million was allotted at today’s auction, from US$19.2m last week, and US$16m at the previous week’s auction.

Of this amount, US$20 million was allotted at the main auction.

The main auction received 174 bids and of these, 10 were disqualified. At the lower volumes auction, 84 bids were accepted after 12 were disqualified.

The highest bid for the day was 88 at the main auction while 75 was the lowest accepted bid at both auctions.