Shekel strengthens against dollar

Shekels Photo: Shutterstock

The shekel-dollar exchange rate continues to hover around the key NIS 3.50/$ rate.

The shekel is again strengthening against the dollar and weakening against the euro today. In morning inter-bank trading, the shekel-dollar exchange rate was down 0.22% from yesterday's representative rate at NIS 3.508/$, and up 0.16% against the euro at 4.073/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.085% from Monday at NIS 3.516/$ and set the shekel-euro rate down 0.106% at 4.066/€.

The shekel remains strong despite a report earlier this week from Deutsche Bank claiming that the shekel is overpriced and recommending trading short on the Israeli currency. Deutsche Bank sees the Bank of Israel resuming its large purchases of foreign currency to weaken the shekel.

Yesterday the Bank of Israel reported that its foreign exchange reserves had reached a record $111.31 billion at the end of October, although foreign currency purchases it made last month were a relatively modest $260 million, the entire sum bought as part of the purchase program intended to offset the effects of natural gas production on the exchange rate.

Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2017

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

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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