Dollar pushes shekel back above NIS 3.60/$

Shekels Photo: Shutterstock

The shekel is at its weakest against the dollar since Mid-may.

The shekel weakened in foreign currency trading in Tel Aviv today against the dollar and against the euro. At midday on Friday, the Bank of Israel set the shekel-dollar representative rate up 0.502% from Thursday's at NIS 3.607/$ and set the shekel-euro rate up 0.868% at 4.287/€.

The shekel is at its weakest against the dollar since Mid-may and its weakest against the euro for nearly one year as negative inflation in Israel is persuading traders that the Bank of Israel may not be able to raise interest rates until 2019 and not in the second half of 2018 as planned.

Good US employment figures further boosted the dollar against all currencies and in late afternoon inter-bank trading the shekel-dollar exchange rate was up a further 0.75% at NIS 3.634/$ and down 0.32% against the euro at NIS 4.273/€.

Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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