Shekel loses ground

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock

The appreciation of the Israeli currency against the dollar and euro has come to an abrupt halt.

The shekel is weakening today against the dollar and against the euro as the appreciation of the Israeli currency against the dollar and euro has come to an abrupt halt. This fall of the shekel comes after several days of gaining ground after the Bank of Israel decided on Monday to keep the interest rate unchanged, as expected, and raise the growth forecast for 2016 and 2017. The growth forecast for 2016 was raised from 2.4% to 2.8% and the growth forecast for 2017 was raised from 2.9% to 3.1%.

In early afternoon inter-bank trading, the shekel was up 0.41% against the dollar from yesterday's representative rate at NIS 3.762/$, and was up 0.20% against the euro at NIS 4.216/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.505% from Monday's rate at NIS 3.746/$, and the representative shekel-euro rate was set down 0.595% at NIS 4.208/€.

FXCM Israel said in its morning survey, "The shekel-dollar exchange rate continued to fall reaching 3,738/$ last night, its lowest point this month. The dollar was weak despite the problems facing Deutsche Bank in Europe and the perceived victory of Clinton over Trump in the presidential election debate. "

Published by Globes [online], Israel business news - www.globes-online.com - on September 28, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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