Cedi gets boost from greenback inflows

Ghana's cedi currency gained versus the dollar on Wednesday due to increased dollar inflows, traders said.

Christopher Nettey of Stanbic quoted the interbank cedi-dollar exchange rate at 1.6365/90 at 1230 GMT, slightly up from an open of 1.6395/20.

"We have some dollar inflows coming in from one of the banks, but it is unclear which bank," Nettey said. "We are not sure how long these gains will sustain today, but we are expecting the cedi will hold at around the 1.6350 level."

Jacob Brobbey of Barclays Bank said the cedi had started rallying on Tuesday on selling of dollars by the mining sector and the central bank.

In recent months the cedi has come under increased pressure due to a high global demand for dollars, traders have said.