The shekel-euro rate has risen above NIS 4/€ and the shekel is weakening against the dollar for the third straight day.
The shekel is again weakening against the dollar and against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate was up 0.23% at NIS 3.53/$ and up 0.52% against the euro at NIS 4/013/€
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.228% at NIS 3.522/$ from Tuesday's rate and set the shekel-euro rate up 0.075% at 3.992/€.
The shekel-euro rate has risen above NIS 4/€ and the shekel is weakening against the dollar for the third straight day. This new trend seems to be happening without any intervention by the Bank of Israel to weaken the shekel by purchasing foreign currency. Earlier in the week industrialists protested to the government about the strength of the shekel and warned that more and more manufacturing will be moved abroad.
But yesterday, Deutsche Bank told investors to go short on the shekel, claiming that it is 9% overvalued, and is set to weaken. In fact, shekel has strengthened by 9% against the dollar this year.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2017
© Copyright of Globes Publisher Itonut (1983) Ltd. 2017
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