Strengthening shekel pushes dollar down

Shekels Photo: Shutterstock

Confidence in the dollar has not been helped by the unexpected resignation of US Fed vice chairman Stanley Fischer.

The shekel is strengthening in Tel Aviv today against the dollar and against the euro. In morning inter-bank trading, the shekel-dollar exchange rate is down 0.44% at NIS 3.547/$ and down 0.19% against the euro at NIS 4.239/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate today down 0.168% at NIS 3.562/$ from yesterday's rate and set the shekel-euro rate up 0.116% at 4.247/€.

The shekel is robust with the Ministry of Finance reporting a record month of state tax revenues in August totaling NIS 27.7 billion, boosted by the completion of the $15.3 billion sale of Mobileye to Intel and the IPO of Tamar Petroleum. The dollar, already at a 10-month low and weighed down by the growing tensions with North Korea, has been further hit by the resignation of US Federal Reserve vice-chairman Stanley Fischer. The former Bank of Israel Governor cited personal reasons for his unexpected departure although political differences with President Trump may be the real reason.

Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2017

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

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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