Zimbabwe dollar strengthens against USD, again

By Almot Maqolo

The Reserve Bank of Zimbabwe weekly auction was conducted today, with the auction seeing an increase in activity both on the main and SMEs auction. Zimbabwe Dollar continued to strengthen at the recently held auction as it gained 0.26% today to trade at 81.4965 to the greenback.

A record US$31.64m was allotted today from 361 bids up from the US$21m allotted last week. The money asked by bidders was fully allotted after the Reserve Bank has been also participating in the market in-between trades looking for the hard currency. A highest bid of 86.70 and a lowest bid of 78.00 were seen on the foreign currency market today.

Raw Material were given US$14m, Machinery and Equipment US$6m as Consumables got US$3m among other categories. The parallel rate has been on a in the past week as amounts above US$1000 are now attracting a rate of 111 with smaller denominations going at a rate of 89.

“We are now just following the bank rate, if it goes down we also go down, if it increases so do we but we will always be a little bit higher,” said a currency trader by Harare Main Post Office. (US$1/81.4965 Zimbabwean Dollars)

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