The Ghana cedi is expected to weaken for the third week running against the US dollar.
This follows rising foreign exchange demand from local corporates and importers ahead of the Christmas season.
Last week, the Central Bank auctioned $20 million to Bulk Oil Distribution Companies and $2.0 million for spot market interventions. These many analysts said were insufficient to meet the persistent foreign exchange demand.
Nonetheless, the rate of depreciation is not alarming.
The local currency depreciated last week following limited foreign exchange support from the Bank of Ghana.
It lost 0.17% in value against the dollar, closing at ¢11.84.
It also depreciated by 0.86% against the pound and 0.60% against the euro on the retail market.
On the interbank market, the cedi however posted a mixed performance.
It lost 0.73% week-on-week in value to the American greenback, whilst it made a marginal gain (+0.06%) to the euro. It remained stable to the British pound.
Latest Stories
-
I want to focus more on my education – Chidimma Adetshina quits pageantry
5 mins -
Duct-taped banana artwork sells for $6.2m in NYC
29 mins -
Arrest warrants issued for Netanyahu, Gallant and Hamas commander over alleged war crimes
32 mins -
Actors Jonathan Majors and Meagan Good are engaged
37 mins -
Expired rice saga: A ‘best before date’ can be extended – Food and Agriculture Engineer
45 mins -
Why I rejected Range Rover gift from a man – Tiwa Savage
46 mins -
KNUST Engineering College honours Telecel Ghana CEO at Alumni Excellence Awards
1 hour -
Postecoglou backs Bentancur appeal after ‘mistake’
1 hour -
#Manifesto debate: NDC to enact and pass National Climate Law – Prof Klutse
2 hours -
‘Everything a manager could wish for’ – Guardiola signs new deal
2 hours -
TEWU suspends strike after NLC directive, urges swift resolution of grievances
2 hours -
Netflix debuts Grain Media’s explosive film
2 hours -
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
3 hours -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
3 hours -
IPR Ghana@50: Pupils educated to keep the environment clean
3 hours