Shekel at weakest for 3-months against dollar

Shekel Photo: ASAP Creative

The Israeli currency is being weakened by the lockdown and concerns that the government will further curb restrictions in the private business sector.

The shekel is weakening today against the dollar and against the euro. In morning inter-bank trading the shekel-dollar exchange rate is up 0.74% at NIS 3.468/$ and up 0.28% against the euro at NIS 4.069/€.

Yesterday, the Bank of Israel set the shekel 0.584% higher from Friday at NIS 3.442/$, and the representative shekel-euro rate was set 0.538% higher at NIS 4.058/€.

The Israeli currency is weakened by the lockdown and concerns that the government will further curb restrictions in the private business sector. Having reached its strongest against the dollar since July 2008 at the end of August, when the representative rate was set at 3.353/$, the shekel has since weakened due to the rise in Covid-19 infections in Israel and the three week national lockdown, which began last Friday.

The shekel is trading at levels not since for three months against the dollar, although exporters will be pleased that the Israeli currency has lost some of its strength.

The dollar is stronger on world forex markets after US Federal Reserve chair Jerome Powell made dovish comments last week about the need for more fiscal support and presented improved forecasts.

Published by Globes, Israel business news - en.globes.co.il - on September 22, 2020

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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