{"id":1240280,"date":"2022-11-01T07:23:32","date_gmt":"2022-11-01T07:23:32","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/01\/cedi-gained-1-07-3-36-value-against-dollar-pound-last-week\/"},"modified":"2022-11-01T07:23:32","modified_gmt":"2022-11-01T07:23:32","slug":"cedi-gained-1-07-3-36-value-against-dollar-pound-last-week","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/01\/cedi-gained-1-07-3-36-value-against-dollar-pound-last-week\/","title":{"rendered":"Cedi gained 1.07%, 3.36% value against dollar, pound last week"},"content":{"rendered":"

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The Ghana cedi gained 1.07% value against the US dollar on the retail market last week.<\/p>\n

It also appreciated 3.36% week-on-week against the pound but lost 1.83% week-on-week against the euro.<\/p>\n

The cedi\u2019s selling pressures reduced a little as speculations eased. It sold at \u00a213.80 to the US dollar at the end of trading last week, with a year-to-date depreciation of about 54%.<\/p>\n

It also went for \u00a214.90 to the pound and \u00a213.20 to the euro respectively.<\/p>\n

The first tranche disbursement ($790 million) of the COCOBOD syndicated loan bolstered forex reserves, strengthening supply-side interventions of the Bank of Ghana.<\/p>\n

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.<\/p>\n

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.<\/p>\n

As Foreign exchange liquidity improves and speculation-fueled FX demand subsides, analysts believe the cedi will see some stability this week.<\/p>\n

Cedi strengthens again to the dollar; one dollar now \u00a213.60<\/strong><\/p>\n

The cedi strengthened yesterday, October 31, 2022, going for 13.60 to one US dollar.<\/p>\n

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DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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\u2019s selling pressures reduced a little as speculations eased. It sold at \u00a213.80 to the US dollar at the end of trading last […]<\/p>\n","protected":false},"author":1,"featured_media":1230681,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[672,4219,8879,10109,602],"class_list":["post-1240280","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-cedi","tag-dollar","tag-gained","tag-pound","tag-week"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1240280","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=1240280"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1240280\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1240280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1240280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1240280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}