The Ghana cedi held agency in opposition to the US greenback final week because of international trade assist and subdued company demand.
The native forex appreciated by 0.49% week-on-week in opposition to the US greenback within the interbank market, closing at a midrate of GH¢10.30.
Within the retail section, the American remained broadly steady at GH¢12.55. The year-to-date appreciation stood at 23.71%.
Nevertheless, the cedi depreciated by 0.90% in opposition to the pound to GH¢16.65 and by 0.70% in opposition to the euro to GH¢14.30.
“In keeping with our expectations, improved FX [foreign exchange] assist by the Financial institution of Ghana, alongside subdued market exercise, underpinned the cedi’s relative stability final week”, Databank Analysis mentioned.
It identified that though speculative pressures remained largely contained following the latest Fitch improve, rising geopolitical tensions within the Center East could pose upside dangers to ahead charges in Bulk Oil Distributing Corporations (BDCs) auctions amid elevated crude costs and potential provide disruptions.
Within the week forward, the Financial institution of Ghana is predicted to prioritise company FX demand over banks’ web open positions, recalibrating interventions to anchor market expectations and maintain cedi stability.
In the meantime, the cedi began the week unchanged to the greenback, going for GH¢10.25 on the foreign exchange bureaus.
Its year-to-date efficiency additionally remained at an appreciation of 23.71% in opposition to one American greenback.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially symbolize the views or coverage of Multimedia Group Restricted.
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