Reserve Bank of Zimbabwe governor John Mangudya appears not to ne winning at his weekly foreign currency auctions meant to ccontrol the local currency as it continues to plammet weekly.

The Zimbabwe dollar today fell by $4.61 to average $76.76 against the United States dollar but the gap between the lowest and the highest rate offered at today’s auction was only $12.

According to the results of today’s auction the lowest rate offered was $70 and the highest, $82, but the lowest rate accepted was $75.

When the auction started the gap between the lowest and the highest rate was $75.

Last week the gap was down to $27.

But with the highest rate dropping by only 17 cents, the local currency could fall again next week as the gap narrows.

A total of 228 bids were received but 55 were rejected.

The amount allotted was US$14.4 million against bids of US$19.3 million.

The highest allocation went to raw materials which got US$7.7 million, followed by machinery and equipment with US$3 million.