Zimbabwe dollar appreciates against the Unites States dollar for second week running

The Zimbabwe dollar today appreciated against the United States by 62 cents at today’s foreign exchange auction, averaging $82.70 against last week’s $83.32.

Zimbabwe has so far held 12 foreign exchange auctions and this was the second auction where the local currency appreciated against the greenback.

A total of US$19.2 million was allotted with all the bids on both the main and the small and medium enterprises auctions being met.

Thirty-one out of 216 bids on the main auction were disqualified while only 15 out of 74 bids on the SME auction were turned down.

Raw materials and machinery and equipment continued to get the bulk of the funds at just over US$12 million.

The highest rate offered at the main auction today was $88 and the lowest was $75.

The highest offer at the SME auction was $86 and the lowest $73.

The Insider is, however, baffled at why Old Mutual Implied Rate continues to defy the reality on the ground.

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