The shekel was again strengthening today against the dollar and against the euro as global stock markets including the Tel Aviv Stock Exchange continued to recover after the UK EU referendum and its Brexit verdict. The shekel was stronger for the second successive day against the dollar, as investors stopped their flight to safe haven assets and currencies, despite the Bank of Israel decision to cut the 2016 growth forecast from 2.8% to 2.4% and leave the July interest rate unchanged at 0.1%.

In morning inter-bank trading, the shekel was down 0.39% against the dollar from yesterday's representative rate at NIS 3.863/$ while it was down 0.28% against the euro at NIS 4.289/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.564% from Monday's rate at NIS 3.878/$, and the representative shekel-euro rate was set up 0.231% at NIS 4.301/€. The shekel weakened against sterling by 0.343% to NIS 5.171/£, after gaining 9.8% against sterling since the UK EU referendum vote last Thursday.

Published by Globes [online], Israel business news - www.globes-online.com - on June 29, 2016

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