After losing ground against the dollar and euro earlier this week, the Israeli currency is again appreciating. Earlier this afternoon, the Bank of Israel set the shekel-dollar representative rate down 0.615% at NIS 3.554/$ and set the shekel-euro rate down 0.135% at NIS 4.07/€.
In afternoon inter-bank trading after the representative rate was set, the shekel-dollar exchange rate was down a further 0.38% at NIS 3.541/$ and down 0.75% against the euro at NIS 4.039/€.
After the shekel-dollar exchange rate hit a new three year low of around NIS 3.48/$ last week, the shekel lost ground on Monday and Tuesday. But it seems the dollar's rally against the shekel was short-lived. The euro has fared better and remains well above the key 4/€ rate.
Meanwhile S&P economists have observed, 'The Israeli economy has learned to manage with the strong shekel."
Yesterday, the Bank of Israel kept the August interest rate unchanged at 0.1%, as expected, and revised its 2017 growth forecast upwards from 2.8% to 3.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2017
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