Zim Now Writer
The Zimbabwe dollar on Tuesday fell by just over $1 000 to average $3 673.7718 against the United States dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe.
The weighted average on June 6 was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
The RBZ allotted a total of US$4 987 432.34 down from US$15 266 095.92 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$829 418.77 down from US$1 782 414.85.
The Main Forex Auction was allotted US$4 158 013.57 down from US$13 483 681.07.
A total of 298 bids from small businesses and 210 for large firms were accepted.
However, only 82 bids from small businesses and 38 from large firms received allocations from the auction.
The Highest Rate Received on the Small to Medium Enterprises Forex Auction was 4 100.0000 while the Lowest Bid Rate Allotted was 3 500.0000.
On the Main Forex Auction, the Highest Rate Received was 4 100.0000 while the Lowest Bid Rate Allotted was 3 555.0000.
The RBZ said all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry, insufficient ZWL and those with sufficient balances were also disqualified.
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