The Zimbabwe dollar (ZWL) dropped a mere 0.6% against the United States dollar in the latest weekly foreign currency auction auction as the local currency continues to show greater stability.

The Reserve Bank of Zimbabwe (RBZ) foreign currency auction system, which is now is its tenth week has seen the ZWL perform better in the last two auctions, compared to previous weeks.

Over the last 2 weeks the ZWL has lost less than 1% a week compared to losses averaging 5% a week during the first 8 weeks.

In the latest auction, total bids allotted amounted to US$14 million for the main auction, while US$960 000 related to applications at the SMEs board.

The number of rejected bids for both the SMEs and main auctions increased by 10 from last week to 43.

The highest bid accepted at the main auction was $88 and the lowest bid was $80.

The highest rate for the SMEs board also came in at $88 while the smallest came in at $75.

This has been a marked improvement from the first auction on June 23, when the highest bid rate was 100 and the lowest rate came in at $25,50.