Shekel strengthens again despite BoI intervention

Karnit Flug Photo: Eyal Yitzhar

The representative shekel-dollar rate fell on Friday to NIS 3.406.

Despite the intervention ascribed to the Bank of Israel in the foreign exchange market last week, the representative shekel-dollar rate fell on Friday to NIS 3.406/$, below the weekly high set last Wednesday of NIS 3.456/$. Since the beginning of 2018, the shekel-dollar rate has fallen 1.1%. The representative shekel-euro rate fell 0.45% to NIS 4.1796/€.

At the "Globes" Israel Business Conference earlier this month, Governor of the Bank of Israel Karnit Flug said, "The shekel is strong and is in our opinion overvalued." Moreover, in an unusual statement for a Bank of Israel official, Flug acknowledged that the strengthening of the shekel could partly be attributed to speculative activity, including algo players, who play the market in large amounts using computer models.

Published by Globes [online], Israel business news - www.globes-online.com - on January 21, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Karnit Flug Photo: Eyal Yitzhar
Karnit Flug Photo: Eyal Yitzhar
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018