The Israeli currency has pushed the dollar further below the NIS 3.70/$ threshold.
The shekel is strengthening today against the dollar and weakening against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.58% against the dollar at NIS 3.661/$ and up 0.24% against the euro at 4.226/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.460% at NIS 3.682/$ from Tuesday's rate and set the shekel-euro rate down 0.446% at 4.216/€.
Prico Risk Management and Investments CEO Yossi Fraiman said, "In our estimation, for the medium and long-term surplus supply and good macroeconomic data supports the weakening of the dollar on the local market. The decision by the Bank of Israel to halt foreign currency purchases to offset the influence of gas revenue reduces demand and commits the Bank of Israel to protect Israel's trading conditions while taking into account dollar volatility against the world's major currencies."
Published by Globes, Israel business news - en.globes.co.il - on January 10, 2019
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Shekel Photo: ASAP Creative