Forex market stable as cedi holds below Ghc11.70 to dollar

Accra, Oct. 29, GNA – Ghana’s foreign exchange market remained relatively stable over the week, as the cedi holds firm below GH¢11.70 to the US dollar in the interbank market, despite minor fluctuations in major currency pairs.

Bank of Ghana exchange rate data showed that the dollar’s selling rate stood at GH¢11.6708 on October 19 and declined to GH¢11.66 on October 26, reflecting a marginal appreciation of the cedi against the dollar.

The cedi recorded its strongest performance during the review period on October 23, when the dollar’s selling rate fell to GH¢11.6108 before rising slightly at the beginning of the new week.

The development meant that importers and businesses that relied heavily on dollar-denominated transactions continued to benefit from a relatively stable exchange rate environment.

The pound sterling, however, recorded mixed movements against the cedi during the period under review.

The British currency opened the week at a selling rate of GH¢15.55 on October 19, declined to GH¢15.52 on October 20, and rose to GH¢15.58 by October 26.

Consequently, the cedi recorded a marginal depreciation of about 0.17 per cent against the pound sterling over the period.

Against the euro, the cedi maintained a stronger position.

The euro’s selling rate declined from GH¢13.1023 on October 19 to GH¢13.04 on October 26, representing an appreciation of about 0.42 per cent in the value of the cedi against the euro.

The euro fell to a low of GH¢13.01 on October 23 before recovering some ground in subsequent trading.