The Israeli currency is trading at levels against the dollar not seen since January 2018.
The shekel is strengthening today against the dollar and against the euro. In early afternoon inter-bank trading the shekel-dollar exchange rate was down 0.25 % at NIS 3.406/$ and down 0.11% against the euro at NIS 4.002/€.
Yesterday, the Bank of Israel set the shekel 0.059% higher from Monday at NIS 3.415/$, and the representative shekel-euro rate was set 0.165% higher at NIS 4.007/€.
The shekel is trading at its strongest against the dollar since January 2018. This reflects the global weakness of the dollar which is at a two year low against the index of the world's major currencies. The US administration's handling of the pandemic and the consequent economic recession, social protests and trade tensions with China are all taking their toll on the US currency.
The euro on the other hand has risen above the NIS 4.000/€ threshold and boosted by the $2 trillion recovery plan agreed on by its leaders, is at its strongest against the Israeli currency since March.
Published by Globes, Israel business news - en.globes.co.il - on July 29, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020
Shekel Photo: ASAP Creative