THE Zimbabwe dollar lost its value by 3,07 percent against the United States of America (US) dollar to trade at $138,2 on the Reserve Bank of Zimbabwe foreign currency auction system on Tuesday.

Last week the local currency traded at $134,1 to the US dollars on the foreign exchange auction.

An update released by the RBZ revealed that a total of US$ 36 807 431,02 was awarded to various companies from a cumulative 1 424 accepted bids reflecting strong demand for the US dollar.

The auction system is meant to avail foreign currency to local companies for production and to also establish the value of the local currency.