Cedi gained 1.07%, 3.36% value against dollar, pound last week
The Ghana cedi gained 1.07% value against the US dollar on the retail market last week.
It also appreciated 3.36% week-on-week against the pound but lost 1.83% week-on-week against the euro.
The cedi’s selling pressures reduced a little as speculations eased. It sold at ¢13.80 to the US dollar at the end of trading last week, with a year-to-date depreciation of about 54%.
It also went for ¢14.90 to the pound and ¢13.20 to the euro respectively.
The first tranche disbursement ($790 million) of the COCOBOD syndicated loan bolstered forex reserves, strengthening supply-side interventions of the Bank of Ghana.
However, the cedi continued to lose ground on the interbank market as the BoG sought to close spreads, limiting possible arbitrage opportunities in the market.
Last week, the Bank of Ghana auctioned $60 million to Bulk Oil Distribution Companies at a 30-day forward rate of 13.2474/$ versus 10.7907/$ in the previous auction, indicating persistent demand pressures outpacing supply.
As Foreign exchange liquidity improves and speculation-fueled FX demand subsides, analysts believe the cedi will see some stability this week.
Cedi strengthens again to the dollar; one dollar now ¢13.60
The cedi strengthened yesterday, October 31, 2022, going for 13.60 to one US dollar.
source: myjoyonline.com
