Cedi maintains dominance against major trading currencies

Accra, Dec. 8, GNA - The Ghana Cedi on Tuesday managed to maintain its dominance on the inter-bank market, recording its second appreciation this week, the Gold Coast Securities Forex market Update has said. After failing to gain against the dollar for the past four days, the cedi succeeded in breaking its stable trend when it appreciated against the US currency by 0.10 per cent.

The pound also declined locally by 0.39 per cent with a year to date appreciation currently pegged at 32.84 per cent. The euro also followed suit, shedding a total of 4.56 pesewas since the start of trading this week to reduce its annual yield from 28.79 per cent at the close of Last Thursday to 26.08 per cent.

The CFA remained flat trading at year-to-date change of 20.86 per cent. The local currency was trading between GH¢1.42p and GH¢1.45p to= the dollar. It was buying at GH¢2.33p and selling for GH¢2.37p to the pound= and was going for GH¢2.11p and GH¢2.14p against the Euro. One Ghana Cedi was quoted between 305 and 311 CFA.