Zimdollar gains 0.75% against the dollar

The local currency continued to gain against the dollar as it was up 0.75% in the latest auction as bidders continue to get all the money they bid at their various rates.

The ZWL’s latest gain will see it trade at 82.6993 this week against the dollar from 83.3209 last week.

RBZ governor John Mangudya said he was pleased with the trajectory and that the objective was to push for price and financial stability.

“The next five or so auctions will be key as part of our objectives to hold money constant. But we are quite please with the modicum of stability achieved so far where prices are sticky downwards.”

This week the highest bid rate was 88, gaining on last week’s 87.50 and the lowest rate for the main auction coming in at 75 which was lower than the 76 of last week thereby widening the spread between bids to 20.55% from 15.13% last week.

A total of US$19.21 million, the highest amount allotted to date, was apportioned to both the Main Auction (US$18.33 million) and SMEs (US$0.88 million) at the recent auction after a combined 290 bids were accepted and 46 were rejected. Highest allotted bid was 88, with the lowest allotted being 73.

Source – finx