Shekel resumes strengthening

Shekels Photo: Shutterstock

After losing ground against the dollar and euro earlier this week, the Israeli currency is again appreciating.

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

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

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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