A trading update released at the close of trading this week shows that at the current rate, the local currency depreciated by 4, 27% from the rate of ZWL959 against the greenback last week.
Market watchers however believe that this week's depreciation levels are an indication that the auction platform is resonating with realities on the ground as opposed to holding onto unrealistic premiums. "Should this trend continue, there is a possibility of closing the wide gap which was opened up by the parallel market premiums in the recent past," an anonymous analyst said.