The shekel is strengthening against the dollar and against the euro today. In afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.79% from yesterday's representative rate at NIS 3.425/$, and down 0.58% against the euro at 4.189/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 1.232% from yesterday's exchange rate at NIS 3.452/$ and set the shekel-euro rate up 1.031% at 4.214/€.

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Bank of Israel interventions actually work

After a brief and significant break yesterday, the shekel has resumed its strengthening. Yesterday's strong losses by the shekel reportedly came after the Bank of Israel bought several hundred million dollars in foreign currency and Canada's Potash Corp. converted the shekels received from the sale of a stake in Israel Chemicals into $700 million.

It remains to be seen whether the rate moves towards the significant NIS 3.40/$ threshold not seen before this week since July 2011.

Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2018

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