The Zimbabwe dollar continued its rally against the United States dollar appreciating by $930.63 from last Tuesday’s auction to average $5 395.9619.
The highest offer was $5 550 and the lowest $5 200 an indication that the local currency could appreciate further against the greenback.
According to Zimpricecheck, the blackmarket swipe rate is at $8 400 and the mobile money rate is $7 700 but it is almost impossible to get these rates because of the shortage of the Zimbabwe dollar.
In fact, the actual black market rate one gets from the small players -the money changers- is now almost at par with the interbank rate. The interbank rate was today at $5 812.1353
Today’s auction is the third consecutive one where the local currency has gained on the US dollar.
It is not clear whether the local currency will sustain this rally as elections are still seven weeks away.
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