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.