Zimbabwe’s official foreign currency exchange rate has depreciated to 76.7 following the 6th forex auction yesterday, weakening 6.2% from the prior rate of 72.1.

The Zimbabwe dollar, which was introduced last June is now trading at 76.7 to the United States dollar.

The latest auction saw US$14.3 million allotted with almost all successful bids in the tight range of $75 to $80.

The highest bidder offered $82.

With Government compelling local business to dual price through Statutory Instrument 185 of 2020 last week, the auction rate is expected to guide pricing in the country, effectively tackling previous speculative tendencies.

For the latest auction, the majority of the foreign currency was allotted to raw materials, with US$7.7 million, and machinery and equipment on US$3 million.