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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
The Ghana cedi lost a marginal value to the US dollar, increasing its year-to-date loss to about 26%.
This was due to the heightening of corporate demand and the recent Eurobond coupon payments.
The Central Bank held a 7-day FX auction, accepting all the $51.4 million bids submitted on the day.
The auction failed to keep the local unit stable as the local unit shed 0.15% week-on-week against the US dollar to close the week’s trading at a mid-rate of GH¢16.38/$.
It also depreciated by 0.24% and 0.70% week-on-week vs. the pound and euro.
Presently, the cedi is going for GH¢16.40 to one US dollar at the forex bureau or the retail market.
Source: newsthemegh.com