Zim dollar continues to appreciate

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Harare, (New Ziana) – The Zimbabwean dollar on Tuesday marginally appreciated for the sixth straight week against the greenback, closing the weekly auction at $81.34.

In what is a show of stability and market confidence in the local currency, the dollar has largely been stable against the United States dollar for over 40 days.

Last week it traded at $81.44.

Once fixed at $25 to the greenback, the local currency was floated four months ago with the introduction of a foreign currency auction and in the first two and half months largely depreciated as the market sought to establish its true value.

The lowest the unit has traded against the USD so far is $83.40.

At Tuesday’s weekly auction, at which US$26.1 million was allotted to bidders, the highest rate offered was $87 while the lowest accepted was $79.
New Ziana

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