Zimbabwe dollar appreciates by 5 cents

The Zimbabwe dollar appreciated by five cents against the United States dollar to average $81.44 at today’s auction with the highest and the lowest rates offered being the same as last week.

The local currency has slowly been gaining against the greenback for more than a month now but the Old Mutual Implied rate continues to defy this trend falling to a record $146.28 yesterday before rising to $139.41 today though Old Mutual is not trading on the Zimbabwe Stock Exchange.

A total of US$24.5million dollar was allotted today with the bulk going to raw materials, machinery and equipment, and consumables.

Consumables today surpassed machinery and equipment getting US$3.1 million against US$2.96 million for machinery and equipment.

Consumables got the highest chunk at the Small and Medium Enterprises auction.

The highest rate offered was $86 and the lowest $78.

Only six bids out of 129 at the SME auction were disqualified while 22 out of 233 did not make it at the main auction.

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