The shekel has strengthened against the dollar and euro in morning inter-bank trading today. The shekel-dollar exchange rate has fallen 0.32%, compared with yesterday's representative rate, to NIS 3.555/$ and the shekel-euro exchange rate has fallen 0.55% to NIS 4.799/€.
In international markets, the dollar is strengthening against leading currencies. It is traded at $1.35/€ against the euro.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.567/$, up 0.17% on Tuesday's rate, and set the shekel-euro representative exchange rate at NIS 4.825/€, down 0.15%.
Prico Risk Management and Investments CEO Yossi Fraiman said today, "The dollar is strengthening against leading currencies, which supports the weakening of the shekel. We believe that the shekel-dollar exchange rate could resume its climb toward NIS 3.60/$, but the exchange must stabilize above NIS 3.62/$ to signal fresh movement toward NIS 3.67/$ or higher. In the short term, there is limited potential for appreciation, since at NIS 3.52/$, there will be strong demand for dollars. However, in the long term, the shekel has impressive potential for appreciation."
Published by Globes [online], Israel business news - www.globes-online.com - on October 10, 2013
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