Zim dollar eases by 6, 4 percent

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THE official exchange rate between the Zimbabwe dollar and US dollar moved to US$1:ZWL$76.76 after Tuesday’s auction that saw US$14,3 million being allotted.

The weekly foreign currency auction, the sixth since its inception on June 23, saw the local dollar easing by 6,4 percent from the previous week’s exchange rate of $72.14.

The Reserve Bank of Zimbabwe replaced the fixed exchange rate of US$1:ZWL$25 to foster price discovery in the market and establishing the true value of the Zimbabwe dollar.

Demand for foreign currency at the last auction stood at US$19,3 million, marginally lower than last week’s US$20,3 million.-chronicle.c.zw

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