The shekel is strengthening today against the dollar and against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate is down 0.40% at NIS 3.445/$ and down 0.46% against the euro at NIS 4.033/€.
Yesterday, the Bank of Israel set the shekel 0.231% down from Friday at NIS 3.459/$, and the representative shekel-euro rate was set 0.077% higher at NIS 4.052/€.
After weakening for almost the entire month of September against the dollar, the Israeli currency is ending the month strongly, and continues to gain against the dollar for the third straight trading day.
Having reached its strongest against the dollar since July 2008 at the end of August, when the representative rate was set at 3.353/$, the shekel has since weakened, mainly due to the strength of the dollar on global markets. The rise in Covid-19 infections in Israel and resulting lockdown that has been imposed by the government has also harmed the shekel. However, exporters who may have been hoping that the Israeli currency could reach NIS 3.50/$ or even NIS 3.60/$ have had their hopes dashed in the past few days as the shekel rallies.
Published by Globes, Israel business news - en.globes.co.il - on September 30, 2020
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