Ghana cedi under pressure: Latest BoG exchange rates for November 3

The euro recorded the largest increase in its buying rate, rising by GH¢0.0973.

The dollar’s buying and selling rates each increased by GH¢0.0400.

The central bank’s daily exchange rates show that the dollar’s buying rate increased from GH¢11.6142 on Monday, November 2, to GH¢11.6542, while its selling rate rose from GH¢11.6258 to GH¢11.6658.

Both rates recorded an increase of GH¢0.0400, indicating that more cedis are required to buy or sell the dollar at the latest reference rates.

Also Read: Ghana cedi rises against dollar, pound and euro: Latest BoG interbank rates

The euro recorded similar upward movement, with its buying rate rising from GH¢12.9559 to GH¢13.0532. This represents an increase of GH¢0.0973. Its selling rate moved from GH¢12.9678 to GH¢13.0641, up GH¢0.0963.

Also Read: Ghana cedi weakens against dollar, pound and euro: Latest BoG rates for October 30

Euro Among the three major currencies, the euro recorded the largest increase in its buying rate, while the pound posted the highest increase in its selling rate.

The latest figures suggest that the cedi has come under pressure against the three currencies compared with the previous published rates. A sustained depreciation could raise the cost of imported goods and services, increase expenses for businesses that rely on foreign currency and add to inflationary pressures.

Also Read: Ghana cedi gains vs dollar, pound & euro: Latest BoG exchange rates

However, the effect on consumers and businesses will depend on how exchange rates evolve and how changes in the reference rates are reflected in transactions.

The Bank of Ghana said the rates represent average interbank rates used by commercial banks for transactions at the close of business on Monday, November 2.

The central bank’s reference rates may differ from the rates offered by individual commercial banks and foreign exchange bureaux.

Latest BoG Exchange Rates for November 3: