The Bank of Israel revealed earlier this week that it bought $1.45 billion in foreign currency in June to weaken the shekel.
The shekel is strengthening today against the dollar and stable against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate was down 0.34% at NIS 3.443/$ and up 0.05% against the euro at NIS 3.900/€.
Yesterday, the Bank of Israel set the shekel-dollar rate 0.145% higher from Tuesday at NIS 3.455/$ and the representative shekel-euro rate was set up 0.067%, at NIS 3.898/€.
After a brief correction, the shekel is again strengthening against the dollar today. The shekel remains strong despite the growing rise in new Covid-19 cases in Israel and the tightening of restrictions.
Indeed but for the efforts of the Bank of Israel to weaken the shekel, which were revealed in its report on foreign exchange reserves at the end of June, the exchange rate would be well below NIS 3.40/$. The Bank of Israel purchased $1.45 billion in foreign currency in June after buying $2.6 billion in May.
Published by Globes, Israel business news - en.globes.co.il - on July 9, 2020
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Shekel Photo: ASAP Creative