Shekel losses continue

Shekels Photo: Shutterstock

The shekel is at its weakest for two months against the dollar and for 20 months against the euro.

The shekel continues to weaken against the dollar and against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is up 0.25% from yesterday's representative rate at NIS 3.536/$, and up 0.31% against the euro at 4.366/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.083% from Monday's exchange rate at NIS 3.527/$ and set the shekel-euro rate up 0.694% at 4.353/€.

The shekel is now at its weakest for two months against the dollar and for 20 months against the euro. Earlier in the week, Prico Risk Management and Investments CEO Yossi Fraiman claimed that the Bank of Israel is aggressively buying foreign currency using a foreign bank and is aiming to weaken the shekel to NIS 3.60/$. Last month the Bank of Israel purchased $1.8 billion in foreign currency, the highest it had purchased amount for 30 months.

Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2018

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

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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