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Recovery? Cedi records slight gain against dollar

Ghana's cedi showed signs of stabilising against the dollar on Saturday

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The local currency has recorded a slight gain against the US dollar when it closed trading on Saturday gaining Ȼ3.999 in value over the greenback.

The local currency has fallen 22 percent since January, one of the sharpest declines in Africa.

The cedi's strong performance is in marked contrast to what the market has become accustomed to over the first half of this year, when the cedi depreciated by more than 26 percent against the US dollar.

The blighted currency on July 2, 2015 made a 3.5 percent gain over the US dollar - but that record was even better the following day when the cedi recorded a stunning 4.2 percent gain against its major trading partner to bring down the level of depreciation against the dollar to 20.4 percent from a peak of 26.2 percent on June 30.

 

The local currency, after closing trade on June 30 at Ȼ4.3364 bounced back at Ȼ4.1914 the next trading day, and finished the week at Ȼ4.0217. The cedi's new-found strength comes barely a fortnight after the central bank announced that it had increased its dollar sales in the interbank market to US$20 million a day up from US$14 million a week in a bid to halt the dangerous slide of the local currency.

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