The Ghana cedi gained grounds against the US dollar last week after going through some difficult time the prior week.
The local unit appreciated by 1.38% on the retail market against the American greenback last week, reversing the year-to-date loss. The year-to-date depreciation thus narrowed to 2.05%.
It also increased in value against the euro by 0.61%.
Conversely, the cedi depreciated by 0.26% against the pound (one pound/GH¢19.45).
The local currency started this week going for GH¢16.10.
Analysts attributed the relatively stable performance of the cedi against the dollar and euro to a reduction in speculative demand, as the Bank of Ghana announced a US$170 million 7-day forward auction to meet demand.
