The local Zimbabwean dollar has continued to lose value against the United States dollar following Tuesday's foreign currency exchange auction with the official exchange rate now standing at ZWL$76.7596 from last week's ZWL$72.1470.
An update released by the Reserve Bank of Zimbabwe following today's auction revealed that a total US$14.3 million was allotted from the 228 bids received.
According to RBZ, the highest bid was ZWL$82.0000 while the lowest stood at ZWL$70.0000.
The average weighted rate was therefore ZWL$76.7596
A total of the 228 bids were received with 55 disqualified accumulating a total amount of US$20.3 million.
Raw materials stood at US$7.7 million of the allotted amounts whilst machinery and equipment stood at US$3 million.
The retail and distribution sector received US$957 000, consumables including spares, tyres, and electricals gobbled US$670 000, pharmaceuticals and chemicals US$648 000.
Services loans, dividends and dis-investments was allocated US$760 000, paper and packaging US$350 000 and Fuel, Electricity and Gas received US$224 000.
The RBZ says bids that were not eligible in terms of the priority list were disqualified including those with insufficient FCA balances whilst some were allotted on a pro rata basis.