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Ghana Cedi
continues its’ lost to the dollar
Accra, June 2, Ghanadot/GNA - The
Ghana Cedi on Monday lost against the dollar and the euro
marginally pushing further down, the Gold Coast Securities
(GCS)-Cedi Index by 0.01 points.
The lost to the dollar has been consistent since last week
Tuesday, but has been fluctuating against the other major
currencies.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, went down
at 107.61 points from 107.64 points on Thursday.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedis lost 0.04 GH pesewas and 0.71 GH
pesewas to the dollar and euro respectively. It, however,
gained 0.91 GH pesewas against the pound and 0.02 GH pesewas
against the CFA.
Change for the year to date stands at 3.61 per cent while
change base year (July 03 2007) to date is 7.60 per cent.
The Index is calculated as a geometric weighted average of
changes in the four currency rates against the cedi at the
Inter-bank market, relative to a base of 100 set on 03 July
2007, when the Bank of Ghana redenominated the national
currency at a base value of 100.
It is inversely proportional. A quote of 105.50 means the
cedi value has depreciated 5.50 per cent since the base
period, while a quote of 85.3 means the cedi has gained
14.77 per cent since its base year.
The following are the exchange rates for the four currencies
on Monday, June 02, 2008.
Currency Buying Selling Depreciation/Appreciation
(GH¢) (GH¢) (Gp)
Dollar 0.9866 1.0088 -0.04
Pound 1.9357 1.9796 +0.91
Euro 1.5331 1.5671 -0.71
Equivalence of currency to one GH¢
CFA 418.58 427.86 +0.02
GNA
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