Cedi maintains resurgence momentum against US dollar

The cedi continued its resurgence against the major trading currencies on the retail market last week.

The local currency regained stability against the major trading currencies, with a 0.8 per cent appreciation to the US dollar.

It also gained 2.3 per cent and 1.8 per cent to the British pound and the euro respectively, according to investment bank, GCB Capital.

It said against the interbank reference rate, the cedi closed unchanged week-on-week.

It said in its weekly update that the cedi was trading at GH¢13.2 to the US$ and.

GCB Capital said the appreciation of the cedi was partly due to the continuous injection of liquidity by the Bank of Ghana to support the cedi.

It said the support came in he form of provision of US dollars to bulk oil distribution companies (BDCs) for imports.

In that regard,it stated that the bank was expected to auction US$30 million to the BDCs at the next forward this week.