Zim dollar falls against US dollar

Harare (New Ziana) – The Zimbabwe dollar opened the year marginally weaker against the green back in Tuesday’s trade, as demand for foreign currency surged to the roof.

The local unit eased to $82.09 to the US dollar, down from $81.79 at the end of last year.

A total of US$35.835 million was allotted to 469 bidders at both the main and small enterprise auctions, the highest weekly allotment so far.

The previous high was set on November 11 last year after US$31.39 million was traded.

At Tuesday’s auction, the highest rate on offer was $86.5 while the lowest accepted rate was $80.

In line with the set priority list, the bulk of the foreign currency allocations went towards purchase of raw materials and as well as machinery and equipment for companies.

The local currency has largely held steady against the USD for the past five months since it was floated in June 2020.

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

New Ziana