Cedi depreciates against major trading currencies in weekly pricing window

Accra, Oct. 12, GNA – The Ghana cedi depreciated against the major trading currencies during the weekly pricing window from October 5 to October 12.   

The Bank of Ghana Daily Exchange Rate said the previous trading week began with the cedi trading at GHS11.71 to the US dollar, while the British pound sterling traded at GHS15.40 and the euro at GHS13.10.  

However, the new trading week opened on the back of depreciation, with the cedi currently trading at GHS11.79 to the US dollar, GHS15.60 to the pound sterling, and GHS13.20 to the euro.  

The previous trading week was characterised by a mix of appreciation and depreciation.  

On Tuesday, the cedi traded at GHS11.77 to the US dollar, GHS15.55 to the pound sterling, and GHS13.19 to the euro.  

On Wednesday, the local currency recorded further losses, trading at GHS11.80 to the US dollar, GHS15.67 to the pound sterling, and GHS13.29 to the euro.  

The downward trend continued on Thursday, with the cedi trading at GHS11.83 to the US dollar, GHS15.60 to the pound sterling, and GHS13.20 to the euro.  

The cedi, however, regained some ground at the close of the trading week, appreciating to GHS11.78 to the US dollar, GHS15.56 to the pound sterling, and GHS13.12 to the euro.  

Despite the late recovery, the cedi opened the new trading week weaker against all three major trading currencies, reflecting a marginal depreciation compared to the previous week’s opening rates.  

Reporter: Jibril Abdul Mumuni   

Email: [email protected]