The Ghana cedi is expected to continue its stability against the US dollar this week.
This is due to an expected foreign exchange auction for Bulk Oil Distribution Companies (BDCs).
While analysts envisage an increase in corporate demand and a possible offshore forex repatriation from the coupon payments on the new bonds, the cedi will remain steady this week.
Last week, the local currency remained firm on the spot market, while posting a mixed performance on the interbank market amidst tinny foreign exchange liquidity.
This is despite increased corporate demand, drying up liquidity, although the market experienced minimal activities from offshore investors.
US Federal Reserve announced a cautious policy rate hike due to easing prices and a strengthening US economy. This announcement helped calm market uncertainties as investors foresee a moderate policy hike.
The cedi opened the week at a mid-rate of ¢11.43 to a dollar and traded steadily, gaining 0.44% on the retail market. It also made weekly gains of 0.34% and 0.20% versus the pound and the euro on the retail market.
On the interbank market, the cedi slid marginally (-0.05%) against the American greenback, but strengthened against the pound (+0.75%) and the euro (+1.30%).
Presently, the local currency has lost about 11.23% to the dollar on the retail market and about 21% on the interbank market.
Latest Stories
-
Eric Otchere: Archbishop Nicholas Duncan-Williams: Apostle of Strategic Prayer
3 mins -
Bawumia is a man of action who delivers on his promises – Upper East Imams and Zongo Chiefs
4 hours -
Parliament approves Akufo-Addo’s ministerial nominees
6 hours -
StarLife Assurance supports Global Evangelical Mission Hospital with medical supplies
7 hours -
Benjies outdoors catchy thematic narrative on debut EP ‘TRI’
8 hours -
Skin and body enhancement, the emerging cause of hypertension
8 hours -
Bawumia vows to prioritise Pwalugu Dam project and tackle energy challenges with solar power
8 hours -
Bleaching and body enhancement creams can cause hypertension – Dr Tanor
9 hours -
Bobby Banson urges separation of Attorney General and the Minister of Justice offices
9 hours -
It’s possible for Cedi to hit GH¢20 against the dollar – Sammy Gyamfi teases Bawumia’s 2024 polls slogan
9 hours -
Tamale North MP accuses Akufo-Addo of scheming to oust Kissi Agyebeng from office
10 hours -
Akufo-Addo warns journalists of potential AI dangers in misinformation
10 hours -
Will you accept financial help from your wife’s male friend? Here’s Joy listeners’ verdict
10 hours -
Arteta’s Arsenal title dream ‘still alive’
10 hours -
AfDB warns about high level of debt facing African countries
10 hours