The Ghana cedi lost about 3.14% value to the US dollar last week as the renewed depreciatory pressures set in.
It started the week at about ¢12.50 to the American greenback, but ended the week at about ¢12.70.
The local currency also declined by 1.97% to the pound and 1.49% to the euro respectively in the retail market.
Although the Bank of Ghana continued to intervene in the market, it could only sell $5 million on the spot market.
This did not ease the demand pressures.
In the forward market, the regulator received and allocated $30 million at a 30-day forward rate of ¢11.9095/US$ for the Bulk Oil importers (BDCs) compared to the rate of ¢10.9875/US$ in the previous auction, signalling intense demand pressures.
Analysts therefore expect the uncertainties surrounding the settlement and trading of the new bonds to drive market sentiments, impacting the near-term outlook on the cedi.
The cedi is presently being at ¢12.90 to one US dollar in the retail or forex market.
Latest Stories
-
Real Madrid beat Sevilla to keep pressure on leaders Atletico
18 minutes -
Liverpool put six past Spurs to go four points clear
20 minutes -
Manchester United lose 3-0 at home to Bournemouth yet again
24 minutes -
CHAN 2024Q: ‘It’s still an open game’ – Didi on Ghana’s draw with Nigeria
32 minutes -
CHAN 2024Q: Ghana’s Black Galaxies held by Nigeria in first-leg tie
1 hour -
Dr Nduom hopeful defunct GN bank will be restored under Mahama administration
2 hours -
Bridget Bonnie celebrates NDC Victory, champions hope for women and youth
2 hours -
Shamima Muslim urges youth to lead Ghana’s renewal at 18Plus4NDC anniversary
3 hours -
Akufo-Addo condemns post-election violence, blames NDC
3 hours -
DAMC, Free Food Company, to distribute 10,000 packs of food to street kids
5 hours -
Kwame Boafo Akuffo: Court ruling on re-collation flawed
5 hours -
Samuel Yaw Adusei: The strategist behind NDC’s electoral security in Ashanti region
5 hours -
I’m confident posterity will judge my performance well – Akufo-Addo
5 hours -
Syria’s minorities seek security as country charts new future
6 hours -
Prof. Nana Aba Appiah Amfo re-appointed as Vice-Chancellor of the University of Ghana
6 hours