01
Oct
The local currency remained stable in the retail market last week but faced pressure in the interbank market. The pressure was due to a renewed forex demand from traders and the manufacturing sector in anticipation of the upcoming festive season. Retail rates against the euro and pound closed unchanged at mid-rates of GH¢18.03/€ and GH¢21.35/£ respectively. However, thee cedi recorded a marginal appreciation of 0.93% against the US dollar, with the mid-rate rising to GH¢16.20/US$, up from GH¢16.35/US$ the previous week. Analysts believe the stability of the cedi in the retail market indicates improved forex inflows and reduced speculative demand,…