The Ghana cedi gained 0.63% week-on-week versus the US dollar last week as demand pressures waned.
The local currency consequently closed the week at GH¢15.96 to one US dollar. This narrowed its year-to-date loss to 1.74%.
Foreign exchange demand pressures appeared subdued last week as the market remained mostly liquid. The Bank of Ghana offered US$190 million through its daily auctions last week, but only US$84.80 million was absorbed by market participants. This indicated an acceptance ratio of 44.6%.
Additionally, US$65 million traded on the interbank market, boosting liquidity.
This helped the Ghana cedi strengthen by 6.6% vs the US dollar, closing as the best-performing currency on the interbank market among the basket of 15 Sub-Saharan currencies.
It began this week unchanged to the American greenback.
On the outlook for this week, analysts expect the sustained moderation in foreign exchange demand pressures, coupled with timely central bank interventions.
This will further improve market liquidity and provide a respite to the Ghana cedi.
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