Yesterday, traders on the black market were paying rates as low as $10.20 ZWL per each USD and $68 ZWL for each 100 Rand in Ecocash. This is a slight drop from the rates at the close of trade on Friday.
On Friday traders were paying $10.90 ZWL per each USD and $74 ZWL for each R100. There was also a fall in the bond note rate where traders were now paying $7.30 per each USD as opposed to $7.80 at the close of business on Friday.
What is causing the slight dip in black market rates?
Well, most banks and bureau de changes are going to be closed during the holiday season. If you factor in the slight pick up in those in the diaspora that might be coming back home with more foreign currency especially the Rand from SA.
This means supply has somewhat increased while demand has fallen a bit during the holidays and is likely to remain depressed for the rest of the long holiday weekend which includes Heroes and Zimbabwe Defence Forces day.
Traders are just taking advantage of the fact that banks are closed for this holiday weekend. The rate had recovered a bit as most traders were now paying as much as $10.40 by close of day. Probably because supply was lower than they anticipated.
Still, rates of $10.30-$10.40 ZWL are much actually lower than rates of $10.50 being paid by bureau de changes which were paying $10.50 ZWL before closing for the weekend and holiday.
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