Shekel loses ground

Shekels Photo: Shutterstock

The euro is above NIS 4/€ for the first time in three months and the dollar remains above NIS 3.60/$.

The shekel is weakening against the dollar and against the euro today. In morning inter-bank trading, the shekel-dollar exchange rate was up 0.17% from yesterday's representative rate at NIS 3.609/$ and up 0.47% against the euro at NIS 4.021/€

Yesterday, Bank of Israel set the shekel-dollar representative rate down 0.083% compared with Tuesday's rate at NIS 3.603/$, and the representative shekel-euro rate was set down 0.429% at NIS 4.002/€.

The euro is above NIS 4/€ for the first time in three months and the dollar remains above NIS 3.60/$. The euro has been strong since the election of Emmanuel Macron in France, while the dollar is struggling against the euro due to President Trump's political problems and demands for investigations against him. However, the dollar remains firm against the shekel in part because of disappointment in the figures published by the Central Bureau of Statistics earlier this week showing that the Israeli economy only grew at an annual rate of 1.4% in the first quarter, well below the Bank of Israel's prediction of 3.7%

Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2017

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

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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