Zimbabwe dollar falls by $2 against the US dollar

The Zimbabwe dollar today fell by just over $2 against the United States dollar at today’s auction.

The average rate was $65.88 down from $63.74 last week and $57.36 at the first auction.

The lowest rate offered was $30 and the highest $90 but the lowest rate accepted was $55.

The highest rate offered continues to decline from $100 in the first auction, to $92 in the second and $90 today.

The lowest rate of $55 that was accepted should set the trend for future bids.

According to the Reserve Bank of Zimbabwe 264 bids were accepted and 92 rejected.

A total of US$13.6 million was allotted, down fromU$16.3 million last week but total bids for this week were only U$15.9 million while those for last week were almost US$19 million.

Manufacturing got the highest amount of US$5.6 million followed by retail and distribution which got US$1.9 million.

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