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Stephen T Chifamba
Harare (NewsoftheSouth) -Zimbabwe Dollar continued to gain on the US dollar after it appreciated 0.75% on the 12th currency auction on Tuesday.
The local currency now trades at 82.6993 from 83.3209 reached last week. This is the second time the currency which has been battling for stability has gained on the market after it gained a marginal 0.094% last week.
A total of US$19 million was allotted this week up from US$16 million allotted last auction. This is the fifth time in succession that the auction has allotted 100% of the money bid.
Most of the money went to Raw Materials which got US$8.9 million with Consumables and Machinery and Equipment getting other significant amounts.
The parallel market rate has been below 115 to a dollar for a total of eight weeks now.
(US$1:ZWL$82.6993)
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