Shekel extends gains on volatile markets

Shekel Photo: Shutterstock

The shekel is strengthening for the second straight day despite global market volatility provoked by Apple's profit warning.

The shekel is strengthening today against both the dollar and the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.42% against the dollar at NIS 3.730/$ and down 1.12% against the euro at 4.237/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.053% at NIS 3.746/$ from Monday's rate, before the New Year Day holiday overseas, and set the shekel-euro rate down 0.163% at 4.285/€.

The shekel has gained for the second straight day despite global market volatility as investors flee towards safe-haven currencies including the dollar and especially the yen and Swiss franc. The latest market panic was caused by a rare profit warning from Apple and its comment about the slowdown of sales in China - remarks that have provoked concerns about the US-China trade impasse.

In 2018, the shekel weakened 8.5% against the dollar, after strengthening by 10% in 2017 and weakened by nearly 3% against the euro after weakening by 4% in 2017.

Published by Globes, Israel business news - en.globes.co.il - on January 3, 2019

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

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Shekel Photo: Shutterstock
Shekel Photo: Shutterstock
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