1 Dollar to Cedis Last Month
The exchange rate between the US dollar and the Ghanaian cedi can be volatile, and it's essential to stay updated on the current rates. In this article, we'll explore the exchange rate of 1 dollar to cedis last month.
Last Month's Exchange Rate
According to reliable sources, the exchange rate of 1 US dollar to Ghanaian cedis last month was approximately:
- 1 USD = 5.85 GHS (average rate for the month)
- Highest rate: 1 USD = 6.05 GHS (on the 15th of the month)
- Lowest rate: 1 USD = 5.65 GHS (on the 3rd of the month)
Factors Affecting the Exchange Rate
The exchange rate between the US dollar and the Ghanaian cedi is influenced by various factors, including:
Inflation Rate
Ghana's inflation rate has been relatively high, which can cause the cedi to depreciate against the US dollar.
Interest Rates
Changes in interest rates by the Bank of Ghana can affect the exchange rate, as higher interest rates can attract foreign investors and strengthen the cedi.
Trade Balance
Ghana's trade balance, which is the difference between its exports and imports, can also impact the exchange rate. A trade deficit can lead to a depreciation of the cedi.
Commodity Prices
Fluctuations in commodity prices, such as gold and oil, can influence the exchange rate, as Ghana is a major exporter of these commodities.
Conclusion
In conclusion, the exchange rate of 1 dollar to cedis last month was approximately 5.85 GHS. The rate can be affected by various factors, including inflation, interest rates, trade balance, and commodity prices. It's essential to stay updated on the current exchange rates to make informed decisions when conducting international transactions.
