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Cedi lost to major currencies
Accra, July 8, Ghanadot/GNA - The Ghana
Cedi lost to three major currencies; the dollar, the pound
and the euro on Tuesday pushing up the Gold Coast Securities
(GCS)-Cedi Index by 0.41 points.
The Index, the composite measure of the value of the Ghana
cedi against the Dollar, Pound, CFA and the Euro, went up at
110.67 points on Tuesday from 110.26 points on Monday.
The cedi gains value when the index goes down and it loses
value when the index goes up.
On a whole, the cedis lost 0.36 GH pesewas to the Dollar,
1.52 pesewas to the Euro, 0.86 GH pesewas to the Pound but
slightly gained 0.039 GH pesewas to the CFA.
Change for the year to date stands at 6.56 per cent, while
change base year (July 03 2007) to date is 10.67 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 by 5.50 per cent since the base
period, while a quote of 85.3 means the cedi has gained by
14.77 per cent since its base year.
The following are the exchange rates for the four currencies
on Tuesday, July 8, 2008.
Currency Buying Selling Depreciation (-)/Appreciation (+)
(GH˘) (GH˘) (Gp)
Dollar 1.0133 1.0449 - 0.36
Pound 2.0009 2.0636 - 0.86
Euro 1.5928 1.6422 - 1.52
Equivalence of currency to one GH˘
CFA 399.44 411.83 + 0.039
GNA
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