The Zimbabwe dollar today remained steady against the United States dollar averaging 84.3970 against last week’s 84.4001 as the country readies for its tobacco auction which begins tomorrow.
Only $25.3 million was allotted to 334 bids, the lowest amount disbursed so far this year, probably because of the Easter Holiday which ended yesterday.
Offers remained within the $82 to $87.50 range.
All the bids allotted at the 13 auctions held so far this year have been above US$30 million except the one on 26 January when US$28 million was allotted.
The tobacco marketing season begins tomorrow and farmers have expressed optimism that prices should be higher this year because they had a good crop.
The local currency has usually firmed during the tobacco marketing period as tobacco is one of the country’s leading foreign currency earners.
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