Ghana Cedi falls to major trading currencies but.

Accra, April 30, GNA - Ghana cedi on Friday depreciated to the major international trading currencies that pushed up the GCS-Cedi Index by 0.54 points to close the week.

This brings the change-year-to-date to -4.17 percent.

The cedi remained flat with the US dollar on Friday but fell by GHp 2.49 to the UK Pound, GHp1.13 to the Euro and GHp0.02 to the CFA. The index, which measures the average performance of the cedi against the major trading currencies, therefore, went up at 139.09 points from 138.55 points on Thursday.

The year-to-date shows an appreciation of the cedi by 0.74 per cent to the dollar, 5.29 per cent to the Pound, 7.72 percent to the Euro and 8.37 per cent to CFA respectively.

The cedi gains value when the index goes down and it loses value when the index goes up.

The Index is calculated as a geometric weighted average of changes in the four currency rates against the cedi at the Inter-bank market, relative to a base of 100 set on 03 July 2007, when the Bank of Ghana redenominated the national currency at a base value of 100.

It is inversely proportional. A quote of 105.50 means the cedi value has depreciated by 5.50 per cent since the base period, while a quote of 85.3 means the cedi has gained by 14.77 per cent since its base year. The following are the exchange rates for the four currencies on Frid= ay, April 30, 2010.