Shekel depreciation continues

Shekel  / Photo: Shutterstock

The Israeli currency is firmly back in the NIS 3.50-3.60/$ range where it has been trading for most of 2019.

The shekel is again weakening today against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate is up 0.25% against the dollar at NIS 3.547/$ and up 0.18% against the euro at 3.912/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.312% at NIS 3.538/$ from Monday, and set the shekel-euro rate up 0.306% at 3.905/€.

The shekel is firmly back in the NIS 3.50-3.60/$ range, where it has been trading for most of 2019. However, in the medium term the Israeli currency is expected to strengthen with Goldman Sachs recently predicting that it would reach NIS 3.45/$ over the next six months.

On Sunday, the Central Bureau of Statistics will announce the Consumer Price index (CPI) for August with inflation expected to remain below the Bank of Israel's annual target range of 1%-3%.

Published by Globes, Israel business news - en.globes.co.il - on September 11, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Shekel  / Photo: Shutterstock
Shekel / Photo: Shutterstock
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