Cedi nears 5 to $1 mark

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Ghana’s cedi could remain under pressure after dipping to new lows this week on unmatched corporate greenback demand amid a broader weakness in emerging markets assets, analysts said.

Despite increased weekly dollar support by the central bank, the currency has declined steadily in the past two weeks.

It opened Thursday’s trading at 4.86 to the greenback after closing at a new low of 4.93 on Wednesday, compared to 4.87 a week ago.

Traders project that the resistance 5.00 cedi-to-dollar mark could soon be tested should the central bank’s intervention fail to fill the demand gap.

“We project the dollar to trade within the 4.94 to 4.97 range in the week ahead,” currency analyst Raphael Adubila said.

Source: Reuters