Shekel depreciation continues

Shekels Photo: Shutterstock

The shekel-dollar exchange rate is for the time being moving above the significant psychological barrier of NIS 3.60/$, which it breached fleetingly earlier this week.

The shekel continues to weaken against the dollar and against the euro today. In late morning inter-bank trading, the shekel-dollar exchange rate was up 0.12% from yesterday's representative rate at NIS 3.6095/$ and up 0.36% against the euro at 3.9308/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.056% compared with Tuesday's rate at NIS 3.605/$, and the representative shekel-euro rate was set down 0.211% at NIS 3.917/€.

The shekel-dollar exchange rate is for the time being moving above the significant psychological barrier of NIS 3.60/$, which it breached fleetingly earlier this week, without any known intervention from the Bank of Israel. Economists have observed that NIS 3.60/$ has become the Bank of Israel's red line, below which it is not prepared to let the shekel fall. To prevent such a fall, the Bank of Israel has been buying hundreds of millions of dollars in recent week in order to weaken the shekel and help Israeli exporters. The fear is that falling below the NIS 3.60/$ barrier would hasten further falls and strengthening of the Israeli currency.

Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2017

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

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
Twitter Facebook Linkedin RSS Newsletters גלובס Capital  Markets Conference 2017