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The Zimbabwe’ dollar will this week trade at 68.88 to the US dollar, down 4.6% from 65.80 last week as the foreign currency auction system concluded its fourth take this afternoon.
The lowest bid in yesterday’s auction was $40. However, the lowest allotted bid was $64,20.
The highest allotted bid was $85, and the total number of bids amounted to 230, lower than last week’s 264.
The total value of bids improved from US$15,8 million last week to US$18,719 million.
Successful bids increased to US$15,98 million, up from US$13,6 million last week.
43 bids – to the tune of $2,731 million – were either rejected or did not get an allotment.
The auction system appears to have brought price stability into the market.