{"id":1207652,"date":"2022-09-20T09:40:57","date_gmt":"2022-09-20T09:40:57","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/20\/demand-pressures-intensify-as-cedi-continues-to-fall-against-dollar\/"},"modified":"2022-09-20T09:40:57","modified_gmt":"2022-09-20T09:40:57","slug":"demand-pressures-intensify-as-cedi-continues-to-fall-against-dollar","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/20\/demand-pressures-intensify-as-cedi-continues-to-fall-against-dollar\/","title":{"rendered":"Demand pressures intensify as cedi continues to fall against dollar"},"content":{"rendered":"

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Demand pressures intensify as the cedi continued to fall against the US dollar on the interbank and retail market last week amid the persistent forex demand-supply gap.<\/p>\n

It posted a mixed performance on the Bank of Ghana reference market, losing 0.40% week-on-week against the American greenback, but gained 1.24% week-on-week against the pound and 0.07% week-on-week vs the euro.<\/p>\n

The story was however different in the retail market, where the cedi slid against its major trading pairs, depreciating 1.56% week-on-week against the US dollar to deepen its year-to-date loss to 35.52%.<\/p>\n

It also lost 2.75% week-on-week to the pound and 2.77% week-on-week against the euro.<\/p>\n

Presently, the local currency is going for \u00a210.30 to the dollar in the retail market.<\/p>\n

Databank Research said \u201cwhile FX supply may see a boost from the $1.3 billion cocoa syndicated loan, we expect the heightened inflation and impending US Fed hike to weigh negatively on the sentiments around the cedi in the near term\u201d.<\/p>\n

Meanwhile, in the Foreign Exchange Forward auction for the Bulk Oil Distribution Companies last week, the Bank of Ghana received and accepted bids worth $60 million, an increment of $10 million from the previous auction.<\/p>\n

Submitted bids were within the 9.7000 \u2013 9.9500 range, with the allotment done at a 30-day forward rate of 9.8409 (+\u00a20.08 of the previous auction).<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Demand pressures intensify as the cedi continued to fall against the US dollar on the interbank and retail market last week amid the persistent forex demand-supply gap. It posted a mixed performance on the Bank of Ghana reference market, losing 0.40% week-on-week against the American greenback, but gained 1.24% week-on-week against the pound and 0.07% […]<\/p>\n","protected":false},"author":1,"featured_media":1183695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,5411,1155,4219,6761,6154,13634],"class_list":["post-1207652","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-continues","tag-demand","tag-dollar","tag-fall","tag-intensify","tag-pressures"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1207652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1207652"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1207652\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1207652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1207652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1207652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}