Zim dollar in 12c gain against US$

THE Zimbabwean dollar gained a marginal 12 cents against the greenback in Tuesday’s weekly trade to close at $81,74.

At last week’s auction, the local currency traded at $81,86. largely unchanged from the previous weeks.

The Reserve Bank allotted a total of US$31,95 million to 435 bidders this week, with importers of raw materials, machinery and equipment getting the bulk at both the main and small enterprises (SMEs) auctions with the main auction taking US$29 468 843. Of these, US$2 477 873 was allotted to the SMEs sector.

The highest rate on offer was $86 while the lowest accepted rate was $80.

The official exchange rate, however, remains below the parallel market exchange rate, which ranges between $100 and $110 to the greenback, but the Government said recently that the differences were now within acceptable global norms. — New Ziana