By Jibril Abdul Mumuni, GNA
Accra, June 12, GNA – The Ghana cedi has recorded a sharp appreciation against major foreign currencies over a two-day period, with the US dollar rate dropping below GH¢11.10 on the interbank market.
Data from the Bank of Ghana show that the dollar buying rate fell from GHS11.49 on Thursday, June 11, to GHS11.04 on Friday, June 12, while the selling rate declined from GHS 11.5 to GHS 11.06.
This represents an appreciation of about four per cent in the value of the cedi within two days.
The cedi also strengthened against other major currencies.
The British pound sterling fell from a selling rate of about GHS 15.41 to GHS 14.74, while the euro declined from about GHS 13.29 to GHS 12.72 over the same period.
The sharp appreciation comes after the Bank of Ghana injected $1.2 billion into the foreign exchange market earlier in June.
The intervention was carried out at a time when demand for foreign exchange had increased, as multinational companies began repatriating profits at the end of the second quarter.
The latest interbank figures show that foreign currency rates eased across the board despite the seasonal rise in demand.
The interbank exchange rates are used by commercial banks for transactions at the close of business and serve as a key guide for the foreign exchange market.
GNA
Edited by Agnes Boye-Doe