The local currency remained stable in the retail market last week but faced pressure in the interbank market.
The pressure was due to a renewed forex demand from traders and the manufacturing sector in anticipation of the upcoming festive season.
Retail rates against the euro and pound closed unchanged at mid-rates of GH¢18.03/€ and GH¢21.35/£ repsectively.
However, thee cedi recorded a marginal appreciation of 0.93% against the US dollar, with the mid-rate rising to GH¢16.20/US$, up from GH¢16.35/US$ the previous week.
Analysts believe the stability of the cedi in the retail market indicates improved forex inflows and reduced speculative demand, as the market awaited the Monetary Policy Committee’s briefing on Friday, September 27, 2024.
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