- ZWL shed by 4% from 9% last week
- Zimbabwe dollar traded at 478.4 against the US dollar
- Interbank rate has weakened by 4% since the beginning of the month
Harare- The Zimbabwe dollar narrowed losses against the greenback by 5%, on the RBZ- governed latest auction market held on Wednesday to ZWL 478.5368 against the greenback from ZWL 458.3653 traded last week.
During the prior week, the under-fired currency lost by a significant 9% which was a record decline against the much preferred US dollar. However, for the week under review, the Zimbabwe dollar tumbled by only 4%.
On a weekly basis, the Zimbabwe dollar has also shed by 7% on the interbank rate and today is trading at 481.9 against the greenback.
The introduction of the gold coins provided a little breather to the ailing currency through offering an alternative for the much preferred US dollar due to its ability to reserve value.
Demand for the golden currency has been piling immense pressure on the local currency causing record declines and inflationary pressures.
Meanwhile, rates on the black market also narrowed marginally against the Zimbabwe dollar from trading between ZWL 800-1000 to a range of ZWL850-950 against the US dollar.
However, demand for the US dollar on the auction market remained firmer with an allocation of US$21.5 million this week from US$19.3 last week.
The highest rate received was ZWL 550 against a single US dollar while the lowest bid was ZWL 450.
Equity Axis News