Shekel loses against dollar after dovish Fed remarks

Shekel Photo: ASAP Creative

The dollar is stronger on world forex markets after US Fed chair Jerome Powell spoke of more fiscal support and presented improved forecasts.

The shekel is weakening today against the dollar and strengthening against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate is up 0.38% at NIS 3.424/$ and down 0.30% against the euro at NIS 4.039/€.

Yesterday, the Bank of Israel set the shekel 0.321% down from Tuesday at NIS 3.411 /$, and the representative shekel-euro rate was set 0.464% down at NIS 4.052/€.

The dollar is stronger on world forex markets after US Federal Reserve chair Jerome Powell made dovish comments about the need for more fiscal support and presented improved forecasts.

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 somewhat due to the rise in Covid-19 infections in Israel and the three week national lockdown imposed by the government from tomorrow.

Published by Globes, Israel business news - en.globes.co.il - on September 17, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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