After weakening yesterday, the shekel is strengthening today in inter-bank trading on the highly volatile foreign exchange market, where the Russian rouble has begun to recover. The shekel-dollar exchange rate is trading down 0.38% at NIS 3.92/$ and the shekel is 0.64% down against the euro at NIS 4.892/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.935/$, up 0.408% on Monday's rate, and set the shekel-euro representative exchange rate at NIS 4.923/€, up 1.084%.
Matach24 CEO David Mesika said, "The technical correction of the shekel against the dollar was inevitable. In recent months, pro-dollar trading has been strongly pushing in the direction of NIS 4/$, but as long as it did not break through that point, then a correction downwards with such falls was going to be prompted by traders and investors. Despite the warning on Israel's credit rating, and although the elections undermine economic stability, it seems that investors and traders are recovering from the market tailspin and the rise of the dollar, and there is a tendency on the market to return to the Israeli currency, although only so far.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2014
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