Bank Leumi's economics department forecasts that the shekel-dollar exchange rate will move between NIS 3.40/$ and NIS 3.60/$ over the next 12 months.
The shekel is weakening sharply today against the dollar and against the euro. In early afternoon inter-bank trading, the shekel exchange rate is up 0.86% against the dollar at NIS 3.437/$ and up 0.78% against the euro at NIS 3.608/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate up 0.650% from Monday, at NIS 3.408/$, and the representative shekel-euro rate was set 0.034% higher at NIS 3.580/€.
After trading at a 3-month strongest against the US dollar last week, the shekel has given up most of its gains. The main reason for the Israel's currency's depreciation over the past few days has been the falls on Wall Street, causing Israeli institutional investors to sell shekels to hedge their overseas position.
Bank Leumi's economics department forecasts that the shekel-dollar exchange rate will move between NIS 3.40/$ and NIS 3.60/$ over the next 12 months.
Published by Globes, Israel business news - en.globes.co.il - on December 7, 2022.
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