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Business News of Thursday, 28 May 2020

Source: www.ghanaweb.com

Cedi depreciation resumes against three major currencies – IGS data


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The resurgence of demand on the trading market has led to the cyclical depreciation of the Ghana cedi against three major trading currencies on the interbank currency market, according to data released by the IGS Financial Services.

According to the figures, the US dollar last week made a weekly gain of 0.05 percent to trade at GH¢5.62 on the interbank currency market with the year-to-date depreciation of the cedi consequently rose to 1.45 percent.

The Financial Services firm also notes the British Pound recovered from a seven-year low against major trading peers sustained by improving risk sentiments.

They add; "the Pound’s surge was driven by emerging reports of a successful COVID-19 vaccine trial by Moderna Inc. and the reopening of some global economies in the wake of the coronavirus lockdowns."

Additionally, the British Pound appreciated by 0.59 percent to sell at GH¢6.85 on the interbank currency market with the year-to-date appreciation of cedi therefore easing to 6.50 percent.

For the Euro, it firmed on account of the release of upbeat economic data and proposals of a euro-recovery fund.

The Euro appreciated by 0.76 percent to trade at GH¢6.12 with its year-to-date appreciation of the cedi also declined to 1.54 percent.

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