ACCRA, July 30 (Reuters) - Ghana's cedi currency traded broadly stable against the dollar on Monday and traders said the local unit's outlook against the dollar was mixed.
The cedi, which has lost 17 percent of its value against the dollar this year, was trading at 1.9570/1.9600 at 1300 GMT, with little activity in the interbank market, traders said.
Kobla Nyaletey, chief trader at Barclays Bank Ghana, said the cedi was likely to depreciate early in the week as local businesses seek dollars to pay for imports.
"The local unit was relatively stable against the greenback last week, successfully resisting the 1.9600 level on the interbank market. Month-end demand may again pressure the 1.9600 early this week," he said.
Another trader, who requested not to be named, quoted the cedi trading at 1.9520/1.9580 and said a marginal gain in the week was likely.
"I think (it) will hold steady within the band of 1.9520/1.9580 with slight bias to appreciate," the trader said, adding that the strong demand seen in the last two weeks for the greenback had eased as the Central Bank policies to tighten the cedi begin to take hold.
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