In the latest wholesale foreign currency auction held on Tuesday, October 3rd, the Zimbabwean Dollar experienced a notable depreciation against the United States Dollar. The average exchange rate during this auction was recorded at ZWL$5,591.9615 per US Dollar, marking a decrease from the previous week’s rate of ZWL$5,252.6558 per US Dollar.
The Reserve Bank of Zimbabwe (RBZ) reported that a total of 20 bids were submitted, and all of them were accepted, receiving their respective allotments. The auction’s total offering remained consistent at US$20,000,000.00. However, the total value of bids received amounted to US$18,682,426.00, and an equivalent amount was allocated.
The highest bid rate observed during the auction reached ZWL$5,700.0000, while the lowest bid rate recorded was ZWL$5,562.0000. This shift in exchange rates reflects the ongoing dynamics in the official forex market.