The Gold Coast Securities (GCS)-Cedi Index dropped 0.31 points on Friday as the cedi appreciated against the euro and the CFA despite a fall to the UK Pound. It remained flat to the US Dollar which pushed down the GCS-Cedi Index from 148.62 points on Thursday to 147.95 points. The cedi gains value when the index goes down and it loses value when the index goes up. The index is the composite measure of the value of the Ghana cedi against the dollar, pound, CFA and the euro. The year-to-date shows that the cedi has depreciated 18.67 per cent, 35.25 per cent and 27.04 per cent to the dollar, the pound and the Euro respectively. Its depreciation against the CFA also stands at 21.30 per cent. On the whole, the cedi remained stable to the dollar, appreciated 1.76 GH pesewas against the Euro and 0.02 GH pesewas against the CFA but fell 0.53 GH pesewas to the Pound. The index Change for the year to date and change base year (July 03 2007) to date now stands at 24.89 per cent and 47.95 per cent respectively. The Index is calculated as a geometric weighted average of changes in the four currency rates against the cedi at the Inter-bank market, relative to a base of 100 set on 03 July 2007, when the Bank of Ghana redenominated the national currency at a base value of 100. It is inversely proportional. A quote of 105.50 means the cedi value has depreciated by 5.50 per cent since the base period, while a quote of 85.3 means the cedi has gained by 14.77 per cent since its base year. The following are the exchange rates for the four currencies on Friday, November 13, 2009. Source: GNA