Shekel weakens sharply amid market mayhem

Shekel-dollar ASAP Creative

The shekel is weakening on world markets as investors seek safe havens as stock markets plunge.

The shekel is weakening against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate is up 1.07% from yesterday's representative rate at NIS 3.4787/$, and up 0.53% against the euro at 4.3048/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.350% from Friday's exchange rate at NIS 3.442/$ and set the shekel-euro rate down 0.056% at 4.282/€.

The shekel is weakening on world markets as investors seek safe havens as global stock markets plunge. The shekel is considered an "exotic" currency, even though it has been one of the world's strongest currencies over the past decade. The shekel-dollar exchange is at its highest since December 2017 while the euro is trading against the shekel at a rate not seen since July 2016.

Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2018

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

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Shekel-dollar ASAP Creative
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