Shekel again strengthening

Prico CEO Yossi Fraiman: Foreign currency trading in the local market will stay within a narrow band.

The shekel strengthened against the dollar and euro in morning inter-bank trading today, reversing yesterday's weakness. The shekel-dollar exchange rate fell 0.18%, compared with yesterday's representative rate, to NIS 3.528/$ and the shekel-euro exchange rate fell 0.24% to NIS 4.824/€.

On Monday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.535/$, up 0.06% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.836/€, up 0.07%.

In international markets, the dollar is strengthening against leading currency to trade at $1.367/€ against the euro, at $1.612/£ against the pound, and at ¥98.23/$ against the yen.

FXCM Israel said today that the calm in foreign currency markets, including in Israel, could end with the publication of the US jobs report, which was delayed from Friday until today.

Prico Risk Management and Investments CEO Yossi Fraiman says, "Foreign currency trading in the local market will stay within a narrow band. End-of-month demand supports stabilization of the shekel-dollar exchange rate above NIS 3.52$, while supply from exporters keeps the exchange rate below NIS 3.57/$. The plunge in Israeli exports has not yet received a proper response from the Ministry of Finance and it will be at the center of the agenda that incoming Bank of Israel Governor Karnit Flug will have to deal with."

Published by Globes [online], Israel business news - - on October 22, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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