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Zimdollar depreciates 4.6% to 80.46

by Staff reporter
04 Aug 2020 at 17:43hrs | Views
The local dollar depreciated 4.6% in today auction to a weighted average rate of 80.46 against the US dollar from 76.76 last week. A total US$18.53 million was allotted from total bids worth US$19.77 million. This puts the available forex supply and demand variance at 6.28% against 25.66% last week.

According to the weekly results from the Reserve Bank of Zimbabwe, the highest rate was at 87 and the lowest rate allotted was 78. The number of bids received was at 237 but 36 were disqualified. The lowest bid submitted was at 70. The difference between the lowest and highest bid closed at 24.29%.

Cumulatively the auction system has availed US$103.99 million since inception seven weeks ago on June 23, 2020. This is against a monthly industry requirement exclusive of fuel of US$80 million. Total bids including disqualified amounts are at US$124.36 million.

In today's auction, raw materials again received the highest allocation at US$7.56 million, US$4.5 million to machinery and equipment, US$1.7 million went towards Pharmaceuticals, US$1.4 million retail and distribution, US$1.3 million Consumables, US$1.2 million Services while the remainder was split towards paper and packaging and fuel, electricity and gas.

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Source - newsday

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