US dollar Archives - Wontumi Online

06 Nov

US Dollar Reaches One-Year High As Trump Gains Ground In Vote Count

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The dollar reached the strongest level in a year as Donald Trump pulled ahead in the US presidential race, triggering a sharp rise in Treasury yields on speculation his policies would keep US interest rates elevated. The greenback surged against all of its major counterparts as the rise in bond yields promised to pull cash into the US. The Bloomberg index was up as much as 1.7%, the most in four years, and hit the highest since November 2023 before paring the move. While Trump has advocated for a weaker dollar, investors believe his policies will fan inflation and slow…

14 Sep

Rising Corporate Demand For US Dollar Looms Large Over Cedi

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The cedi weakened for the third consecutive week against the US dollar, weighed down by increasing corporate demand for foreign exchange to repatriate profits and import inputs. Analysts at the research arms of GCB Capital and Databank maintained that the cedi was under pressure due to the surge in corporate FX demand, which was exacerbated by the broad-based global rally of the major trading currency – the U.S dollar – coupled with its relatively sparse availability on the domestic market. “We noted a surge in corporate FX demand during the week amid the broad-based global rally of the greenback and…

03 Jul

Cedi Depreciates 11.21% In Half-Year 2023; Classified Among ‘Worst Spot Returns’ In Africa – Bloomberg

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The Ghana cedi ended the first-half of this year with a better performance than the same period last year. According to Bloomberg, the cedi lost about 11.21% to the US dollar, yet was still classified among African currencies with ‘Worst Spot’ Returns’. On the interbank market, the Bank of Ghana put the year-to-date loss of the cedi to the dollar to about 20%. Presently, the Ghanaian currency is going for ¢11.68 to the dollar in the retail market. The Bank of Ghana is however quoting one dollar to ¢10.99. In the last three months, the cedi had performed well against…

27 Apr

Yuan Overtakes US Dollar As Most-Used Currency In China’s Cross-Border Transactions

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The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time, official data showed, reflecting efforts by Beijing to internationalise use of the yuan. Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier, according to Reuters calculation based on data from the State Administration of Foreign Exchange. The yuan was used in 48.4% of all cross-border transactions, Reuters calculated, while the dollar's share declined to 46.7% from 48.6% a month earlier. The volume of cross-border transactions covers both the…

10 Jan

IMF Increases Interest Rate On SDR To 2.99%; Ghana To Pay More For Fund-backed Loans

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Ghana and other countries seeking loan from the International Monetary Fund (IMF) will pay additional lending rate, as the Bretton Wood institution has increased the yield on its Special Drawing Rights (SDR) by some 210 basis points (2.1%). This took effect on January 6, 2022. Now, the rate of interest on SDR stands at 2.999%, from the previous 0.89%. One US dollar is also equivalent to 0.75983. The increase in the interest rate of the SDR indicates that member countries of the IMF will pay more for loans from the Fund. Ghana is seeking an IMF-support programme to the tune…