Zimbabwe dollar falls by 8 cents

The Zimbabwe dollar today fell by eight cents against the United States dollar, averaging 84.4827 against last week’s 84.3970.

Offers, however, remained within range  with a total of 524 bids being accepted, 257 from the small business sector and 267 from the main.

A total of US$32.9 million was allotted today raising the amount so far disbursed through the auction to US$1.1 billion and that for this year alone to US$483 million.

There had been wide speculation that the local currency might appreciate against the greenback with the opening of the tobacco auction last week but people might be wanting to get more Zimbabwe dollars for their crop.

People buying  foreign currency on the black market pay 48% more that at the auction which means there is room for arbitrage.

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