dollar Archives - Page 5 of 8

28 Feb

Cedi Lost 1.94% Value To Dollar Last Week; $1 Equals ¢13.05

wontumionlineBusinessCEDI, dollar, Euro, pound, retail market

The Ghana cedi lost about 1.94% value to the US dollar last week to trade at an average of ¢13.0. The local currency closed the week at an indicative rate of ¢11.01/$1 on the interbank market. It also posted a week-on-week depreciation of 1.94% against the pound and 1.83% vs. the euro on the retail market. This was despite increased foreign exchange (FX) support on the market by the Bank of Ghana. Although the Bank of Ghana increased dollar support on the market, it could not tame the demand for the American greenback. The Central Bank also provided about $10.75…

22 Feb

Cedi Lost 3.14% Value To Dollar Last Week; Near-Term Outlook Uncertain

wontumionlineBusinessBoG, CEDI, dollar

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…

20 Feb

Cedi Losses Some Stability; $1 Equals ¢12.90

wontumionlineBusinessBoG, CEDI, DDEP, dollar

The recent gains by the Ghana cedi has come to a halt as the local currency lost some stability to the US dollar today February 20, 2023. At the forex bureaus today, the cedi was going for ¢12.90 to one American ‘greenback’. The same story could also be told about the pound and the euro, as the cedi was being sold for ¢15.20 and ¢13.60 respectively. However, the Bank of Ghana is quoting a dollar at ¢10.80 on the interbank market. On Friday, February 17, 2023, the cedi traded at ¢12.75 to one American currency. Prior to that, the cedi…

14 Feb

Cedi Continues Rise Against Dollar; Gained 0.81% Last Week

wontumionlineBusinessBoG, CEDI, dollar, imf

The Ghana cedi continued to rise steadily against the US dollar amidst the Bank of Ghana’s tight foreign exchange intervention. Last week, the local currency gained about 2.31% in value against the American ‘greenback’, although the Central Bank reduced its support to the market. The regulator sold only $5 million on the spot market, while withholding its bi-weekly FX auctions. The cedi closed on Friday, February 10, 2023, at an indicative rate of ¢10.80 to one US dollar on the interbank market. It gained 0.81% to the dollar to close at a mid-rate of ¢12.35/US$ on the retail market. It…

07 Feb

Demand For Dollars Ease; Bog Sold Only $9.2m On Spot Market

wontumionlineBusinessBoG, CEDI, dollar, Euro, pound

Demand for dollars continued to ease as the Bank of Ghana sold only $9.2 million on the spot market last week (January 30 – February 3, 2023). Analysts and Market watchers believe the progress made by government on the Domestic Debt Exchange Programme (DDEP) will positively improve investor confidence in the economy, boosting the outlook of the cedi. The deadline for the programme is expected to end today February 7, 2023. All things being equal, the attainment of the 80% subscription target will enhance the outlook of the cedi for the rest of the year. The local currency gained across…

06 Feb

Cedi Continues Recent Gain Against Dollar; $1 Now ¢10.40

wontumionlineBusinessCEDI, dollar, Euro, forex bureaus, pound

The Ghana cedi continued its recent gain against the US dollar, starting the week on a positive note. Checks by Joy Business at the forex bureaus indicate that the local currency gained 10 pesewas early morning of February 6, 2023, to sell at ¢10.40 to the dollar. This narrowed its year-to-date loss in the retail market. The same story can also be said about the pound and the euro as the cedi is going for ¢14.80 and ¢13 respectively. The cedi gained about 3.1% value to the American ‘greenback’ last week. A week before, it improved in value by about…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

02 Feb

Cedi Continues Stability Against Dollar; $1 Equals ¢12.60

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange

The Ghana cedi continued its good running against the US dollar for almost two weeks as it sold at ¢12.60 to one US dollar on the forex or retail market. This is coming after it recorded a little over 17% depreciation to the world’s most important currency in January 2023 alone. The local currency has recorded about 2% improvement in value to the American ‘greenback’ this week, signalling to investors that the government is progressing with its Domestic Debt Exchange Programme. However, the same cannot be said about the cedi’s performance against the euro and the pound as it has…

01 Feb

Cedi To Remain Stable Against Dollar

wontumionlineBusinessCEDI, dollar, Domestic Debt Exchange Programme, imf

The Ghana cedi is expected to remain stable and probable improve its value against the dollar in the coming days and weeks. This is due to significant steps made by the government to achieve the Domestic Debt Exchange programme target. The completion of the programme will pave the way for the crucial International Monetary Fund Board approval of a support programme for Ghana. The Ghana cedi has in the past week exhibited stability against the US dollar after a poor performance in January 2023. It gained a marginal 0.78% value to the American greenback last week to trade at about…

26 Jan

Dollar Wobbles Near Eight-Month Low Ahead Of Central Bank Meetings

wontumionlineBusinessdollar

The dollar held close to an eight-month low against its peers on Thursday, as a gloomy U.S. corporate earnings season stoked recession fears and as traders stayed on guard ahead of a slew of central bank meetings next week. The US dollar index , which measures the greenback against a basket of currencies, inched 0.1% higher to 101.65, after falling as low as 101.52 earlier in the session, testing last week’s eight-month trough of 101.51. Trading was thin, with Australia out for a holiday and some parts of Asia still away for the Lunar New Year. Downbeat earnings and guidance from U.S.…