Shekel at strongest in over 5 months against dollar

Shekel Photo: ASAP Creative

The Israeli currency is trading at levels against the dollar not seen since early February.

The shekel is strengthening today against the dollar and against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate was down 0.35% at NIS 3.419/$ and down 0.40% against the euro at NIS 3.913/€.

Yesterday, the Bank of Israel set the shekel 0.464% lower from Friday at NIS 3.431/$, and the representative shekel-euro rate was set 0.031% higher at NIS 3.929/€

The shekel is trading at its strongest in five and a half months against the dollar - well before the start of the coronavirus pandemic. The Bank of Israel purchased over $400 billion in foreign currency in May and June to weaken the shekel and has likely purchased more this month. It seems that despite the damage done to the Israeli economy and the unexpected second wave over the summer, investors see the Israeli economy as better coping with the havoc of the virus than most other economies.

Published by Globes, Israel business news - en.globes.co.il - on July 21, 2020

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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