Beleaguered dollar sinks toward NIS 3.40

Shekel Photo: ASAP Creative

The dollar had its worst month for ten years in July against the world's major currencies.

The shekel is strengthening today against the dollar and weakening against the euro. In early afternoon inter-bank trading the shekel-dollar exchange rate was down 0.34 % at NIS 3.412/$ and up 0.39% against the euro at NIS 4.046/€.

Yesterday, the Bank of Israel set the shekel 0.264% higher from Monday at NIS 3.424/$, and the representative shekel-euro rate was set 0.597% higher at NIS 4.0298/€.

The shekel is trading at its strongest levels against the dollar since January 2018. This reflects the global weakness of the dollar which in July had its worst month against the world's major currencies since 2010. The US administration's handling of the pandemic and the consequent economic recession, social protests and trade tensions with China are all adversely affecting the US currency and gold, which is at a record high, has become the investors' safe haven.

The euro is at its strongest against the shekel since March amid confidence in Europe after EU leaders agreed a $2 trillion economic stimulation plan at the end of last month.

Published by Globes, Israel business news - en.globes.co.il - on August 5, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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