Oct. 11 (Bloomberg) -- Ghana’s cedi rebounded from the weakest on record and headed for the biggest gain in more than five months as the central bank sold dollars.
The currency of the world’s second-biggest cocoa producer appreciated 0.8 percent to 1.6150 per dollar as of 2:47 p.m. in Accra, the capital, reversing a decline to 1.6325, the weakest since at least March 1994, according to data compiled by Bloomberg. A close at this level will be the cedi’s biggest gain since April 28.
“The central bank was in the market selling some U.S. dollars today,” Lourens Harmse, a Johannesburg-based currency trader at Absa Capital Ltd.. wrote in an e-mailed comment. “The volume could not have been more than the usual amounts.”
The Bank of Ghana sold more than $100 million today to meet requests from oil companies and lenders’ clients, Adams Nyinaku, head of treasury at the Accra-based bank, said in a telephone interview.
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