Ghana cedi depreciates against major trading currencies in weekly pricing window

The Ghana cedi depreciated against the major trading currencies during the weekly pricing window from October 5 to October 12.  The Bank of Ghana Daily Exchange Rate said the previous trading week began with the cedi trading at GH¢11.71 to the US dollar, while the British pound sterling traded at GH¢15.40 and the euro at GH¢13.10. However, the new trading week opened on the back of depreciation, with the cedi currently trading at GH¢11.79 to the US dollar, GH¢15.60 to the pound sterling, and GH¢13.20 to the euro. The previous trading week was characterised by a mix of appreciation and depreciation. On Tuesday, the cedi traded at GH¢11.77 to the US dollar, GH¢15.55 to the pound sterling, and GH¢13.19 to the euro. On Wednesday, the local currency recorded further losses, trading at GH¢11.80 to the US dollar, GH¢15.67 to the pound sterling, and GH¢13.29 to the euro. The downward trend continued on Thursday, with the cedi trading at GH¢11.83 to the US dollar, GH¢15.60 to the pound sterling, and GH¢13.20 to the euro. The cedi, however, regained some ground at the close of the trading week, appreciating to GH¢11.78 to the US dollar, GH¢15.56 to the pound sterling, and GH¢13.12 to the euro. Despite the late recovery, the cedi opened the new trading week weaker against all three major trading currencies, reflecting a marginal depreciation compared to the previous week’s opening rates. Source: GNA The post Ghana cedi depreciates against major trading currencies in weekly pricing window appeared first on Ghana Business News.Read the full article at Ghana Business News