Shekel extends gains

Shekels Photo: Shutterstock

The Israeli currency is at its strongest against the dollar since August 2014.

The shekel is strengthening against the dollar and against the euro this morning. In inter-bank trading, the shekel-dollar exchange rate was down 0.47% from yesterday's representative rate at NIS 3.444/$, and down 0.24% against the euro at 4.148/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.087% from Tuesday's exchange rate at NIS 3.460/$ and set the shekel-euro rate down 0.297% at 4.158/€.

The shekel is powering ahead in 2018 despite the strength of the dollar on global markets following good US economic data. After gaining 10.2% against the dollar in 2017, the shekel is pushing the US currency to new lows in 2018. With the Bank of Israel showing no inclination to intervene and weaken the shekel by purchasing foreign currency in order to help exporters, the shekel has pushed the dollar to a low not seen since August 2014 when Operation Protective Edge in Gaza was raging.

Published by Globes [online], Israel business news - - on January 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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