Cedi may record mixed performance to dollar this week
The Ghana cedi may record mixed performance against the US dollar this week.
This will be similar to what transpired last week as the local currency depreciated by a marginal 0.20% to the American greenback.
According to some, the increased demand for the US dollar will trigger mixed development on the forex market.
Although the Finance Minister’s visit to China on debt restructuring talks and the government’s renewal of coupon payments may improve market sentiment, the analysts believe these are not enough to cause the cedi’s recent gains against the American greenback.
Last week, the local currency also lost 1.16% and 0.95% to the pound and euro respectively, on strong corporate demand.
The Central Bank allocated $20 million to the Bulk Oil Distribution Companies and sold about $9 million on the spot market.
The cedi is presently going for ¢12.63 to one US dollar on the forex or retail market.