The shekel is strengthening today against the dollar and against the euro. In evening inter-bank trading, the shekel-dollar rate was down 0.17% against the dollar at NIS 3.178/$ and down 0.31% against the euro at NIS 3.861/€.
This afternoon, the Bank of Israel set the representative shekel-dollar rate 0.125% lower from Friday, at NIS 3.183/$, and the representative shekel-euro rate was set 0.718% lower, at NIS 3.873/€.
The shekel continues to strengthen not only against the dollar but also the euro and sterling with negative sentiment on the way the Covid-19 pandemic is being handled in Europe. The swift and smooth vaccine drive in Israel compares very favorably with the sluggish rollout in Europe and North American, where it is hampered by ill preparedness and bureaucracy.
The shekel is at its strongest against the dollar since September 1996 and its strongest against the euro for the past six months, and its strongest against sterling for 16 months. This afternoon the Bank of Israel set the shekel-sterling rate 1.020% lower at NIS 4.291/£.
Last week the Bank of Israel reported that it had purchased $20 billion in foreign currency in 2020, in efforts to moderate the strengthening of the shekel. Even so, the shekel strengthened against the dollar by 7% last year.
Published by Globes, Israel business news - en.globes.co.il - on January 11, 2021
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