Prico: If an exceptional security incident does not happen and due to the consistent supply of foreign currency, the dollar will resume depreciating against the shekel.
The shekel is weakening today amid concerns about an imminent attack on Israel from Iran or one of its proxies. In late morning inter-bank trading, the shekel is 1.30% higher against the dollar at NIS 3.762/$ and 0.30% higher against the euro at NIS 4.044/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate up 0.732% from Tuesday, at NIS 3.714/$, and the representative shekel-euro rate was set 0.599% higher at NIS 4.032/€.
Prico Risk Management, Finance and Investment CEO Yossi Fraiman says, "Concern about a security event directly with Iran alongside the moderation in foreign currency conversions by exporters are contributing to excess demand on the local foreign currency exchange market and to the depreciation of the shekel. We estimate that if an exceptional security incident does not transpire and due to the consistent supply of foreign currency, the dollar will resume depreciating against the shekel."
Published by Globes, Israel business news - en.globes.co.il - on April 11, 2024.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
Shekel depreciates credit: Tali Bogdanovsky