Christopher Nettey of Standard Bank quoted the cedi-dollar exchange rate at 1.6240/65 at 1300 GMT, up from an open of 1.6425/50.
"We have seen an ease in corporate demand due to inflows of dollars from corporate clients in the mining sector," Nettey said.
Kobla Nyaletey of Barclays Bank said he thought the cedi could also have been buoyed by short-selling of dollars by some of the banks ahead of a bond auction that could draw in additional dollar supply.
The Bank of Ghana said last month it would auction on Dec. 8 an additional 200 million cedis of the five-year bond it first issued on Aug. 1.
In recent months traders have cited a scarcity of dollars due to high global demand as a reason for the cedi's depreciation to record lows.
Nettey said he expected the cedi to hold its gains in the coming days.
"I expect and to hold at a 1.62 resistence level, but if that is broken we expect the resistance level to go down to 1.6150," Nettey said.
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