Baghdad:Ghana's foreign exchange market demonstrated stability over the past week, with the cedi holding firm below GHS11.70 to the US dollar in the interbank market, despite minor fluctuations in major currency pairs.
According to Ghana News Agency, the Bank of Ghana exchange rate data indicated that the dollar's selling rate was GHS11.6708 on October 19 and declined slightly to GHS11.66 by October 26. This reflects a marginal appreciation of the cedi against the dollar.
During the review period, the cedi recorded its strongest performance on October 23, when the dollar's selling rate fell to GHS11.6108 before increasing slightly at the beginning of the new week. This exchange rate stability benefited importers and businesses reliant on dollar-denominated transactions.
The pound sterling exhibited mixed movements against the cedi during the same period. The British currency opened at a selling rate of GHS15.55 on October 19, declined to GHS15.52 on October 20, and rose to GHS15.58 by October 26, resulting in a marginal depreciation of about 0.17 percent for the cedi against the pound sterling.
The cedi maintained a stronger position against the euro. The euro's selling rate decreased from GHS13.1023 on October 19 to GHS13.04 on October 26, representing an appreciation of about 0.42 percent in the cedi's value against the euro. The euro reached a low of GHS13.01 on October 23 before regaining some ground in subsequent trades.