The dollar continues to rebound on global markets but is losing against the shekel.
The shekel is strengthening against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.43% from yesterday's representative rate at NIS 3.3944/$, and down 0.29% against the euro at 4.2141/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.620% from Friday's exchange rate at NIS 3.409/$ and set the shekel-euro rate up 0.223% at 4.227/€.
The shekel is strengthening on world markets after President Donald Trump repaired the damage done by US Treasury Secretary Steven Mnuchin who said that a weak dollar was good for the US. Trump told CNBC that Mnuchin's comments were taken out of context and that, "The dollar is going to get stronger and stronger and ultimately I want to see a strong dollar.
However, despite the dollar rebound, the shekel is strengthening, suggesting that it is going to remain around and perhaps beneath the NIS 3.40/$ mark.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
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