Cedi loses ground to dollar, others

The cedi depreciated against all the three major trading currencies on the interbank currency forex market.

The US Dollar appreciated by 1.01 per cent to sell at GH¢5.60 on the interbank currency market. The year-to-date depreciation of the cedi thus rose to 1.20 per cent.

The British Pound edged higher, buoyed by receding risk sentiments following news of positive trial results on patients treated with Covid-19 test drug Remdesivir.

The currency traded at GH¢7.06 on the interbank currency market as it appreciated by 3.71 per cent. The year-to-date appreciation of the cedi narrowed to 3.65 per cent.

The Euro also held onto its gains against major peers supported by the weaker dollar which blurred the impact of a dovish stance by the European Central Bank.

The Euro thus recorded a week-on-week gain of 2.23 per cent to sell at GH¢6.13 on the interbank currency market. The year-to-date appreciation of thus reduced to 1.36 per cent.


Brent crude oil rebounded on lower-than-expected inventory build-up in US and optimism on re-opening of global economies