The shekel has begun August with more strong gains. In afternoon inter-bank trading, the shekel was strengthened by 0.39% against the dollar to NIS 3.214/$ and by 0.35% against the euro to NIS 3.823/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.186% from Friday, at NIS 3.227/$, and the representative shekel-euro rate was set 0.333% lower, at NIS 3.836/€.
The shekel is trading at its strongest levels against the dollar, euro and other major currencies since mid-January when the Bank of Israel said it would buy $30 billion in foreign currency this year to help exporters. It already bought $25 billion of that amount in the first six months of the year and has since admitted that its foreign currency purchasing program will likely exceed that sum.
The Israeli currency has been further boosted by the new government, which has unanimously agreed on the 2021-2022 budget - Israel's first budget since 2018. However, legislation on the budget will still need to be pushed through the Knesset.
Published by Globes, Israel business news - en.globes.co.il - on August 3, 2021
© Copyright of Globes Publisher Itonut (1983) Ltd. 2021