Zimdollar falls by 0.34% against US$ on RBZ forex auction

The Zimbabwean currency, Zimdollar slightly declined by 0,34% on the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction platform.

However, it continues to maintain a close range behind the parallel market premiums.

A trading data published at close of business on Tuesday shows that the local currency depreciated to a premium of US$1: ZW$ 5 738 down from a premium of ZW$5 718 recorded last week this points to a 0,34% fall.

Traders were permitted to set prices up to ZW$6 201 against the American dollar to maintain a close range behind the parallel market where the widely accessible rate is around US$1: ZWL 7 000.

Apparently, some traders are charging much more depending on the demand and supply factors around the trades.

Allotments made on the Wholesale Auction- a platform where banks access the foreign currency for onward selling to their clients show that all the 20 bids submitted were granted with a total US$17,4 million being disbursed.

However, the platform could not exhaust the US$20 million on offer leaving a surplus of US$2,6 million in a development which proves that ZW$ supply is still limited and faring within sustainable margins.

On the Retail Auction, a total of US$1,9 million was availed with allotments being tilted in favor of supporting key productivity related needs such as raw materials which received US$582 700, machinery and equipment US$610 987, consumables US$153 558, services US$340 857, retail and distribution US$179 261.

Zwnews