The shekel is losing ground against the dollar and euro due to geopolitical concerns.
The shekel is depreciating sharply in foreign currency trading in Tel Aviv today due to the heightened security concerns caused by the situation on the Temple Mount in Jerusalem. In afternoon inter-bank trading, the shekel-dollar exchange rate was up 0.88% at NIS 3.588/$ and up 0.99% against the euro at NIS 4.181/€.
On Friday, the Bank of Israel set the shekel-dollar representative rate down 0.476% at NIS 3.557/$ and set the shekel-euro rate up 0.848% at 4.114/€.
In June, the shekel reached its strongest against the dollar since 2014 as the Bank of Israel slowed its foreign currency purchases. But in the past week, the shekel has been weakening due to the unexpected 0.7% fall in the June Consumer Price Index (CPI) and now the security situation.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
Shekels Photo: Shutterstock