Zimbabwe dollar stable at $81.67 as a record US$31.8 million is disbursed

The Zimbabwe dollar today remained static at $81.67 against the United States dollar as a record US$31.8 million was allotted today at the small and medium enterprises and the main auctions.

Technically, it dropped from $81.6740 last week to $81.6741 today.

The gap between the highest and lowest rates offered, however, narrowed with the highest rate being $86.30 and the lowest $80. Last week, the highest rate was $90 and the lowest $79.10.

As has become the norm, raw materials, machinery and equipment, got more than half the allocation.

Only nine bids were disqualified at the SME auction and 20 at the main auction.

Some 143 bids qualified at the SME auction at 248 at the main auction.

The market could now be buying in on the stability of the local currency as the Old Mutual Implied Rate has also been falling since the last auction.

Today it was at $109.11, the lowest since 25 August.  It was at $143.11 eight days ago.

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