Shekel gains ground as markets rebound

Shekels Photo: Shutterstock

Yesterday, the shekel was at its weakest against the dollar since December 2017 and its weakest against the euro since July 2016.

The shekel is strengthening against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.19% from yesterday's representative rate at NIS 3.4785/$, and down 0.26% against the euro at 4.2928/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 1.249% from yesterday's exchange rate at NIS 3.485/$ and set the shekel-euro rate up 0.514% at 4.304/€.

The shekel weakened sharply yesterday as world stock exchanges tumbled and investors scrambled for safe haven currencies like the dollar and euro. Yesterday, the shekel was at its weakest against the dollar since December 2017 and its weakest against the euro since July 2016.

But today with markets rebounding, the Israeli currency is once again strengthening.

Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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