Cedi continues its gains

Accra, Nov 3, GNA - The Cedi marked its second day of gains this weekon the inter-bank market with the Gold coast Securities Cedi Index appreciating to its best level in over three weeks.

The local currency gained 0.34 per cent because of the rise it experienced against all four major trading partners.

The Cedi was stronger by 0.24 per cent against the dollar, breaking its month-long stability to reduce its year-to-date depreciation from a previous figure of 19.59 per cent to 19.30 per cent.

The euro was also down by 0.20 per cent against the Ghana Cedi as was the CFA.

On the other hand, the pound sterling saw its gains against the cedi in the past couple of weeks eroded by a fast paced decline this week, making the pound quite a risky investment.

Between Monday and Tuesday, the U.K currency has lost a total of 3.95 pesewas, representing a loss of 1.64 per cent.

The local currency was trading between GH¢1.43p and GH¢1.46p to the dollar. It was buying GH¢2.34p and selling for GH¢2.39p to the pound and was going for GH¢2.12p and GH¢2.16p against the Euro. One Ghana Cedi was quoted between 304 and 310 CFA.

Source:
GNA

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