Shekel gains sharply despite Golan skirmish

Shekel-dollar ASAP Creative

Despite rising tensions in the north and the widening interest rate gap, the shekel is robust because of Israel's strong economic performance.

The shekel is strengthening sharply today against the dollar and against the euro despite the skirmish overnight between Israel and Iranian forces in Syria. In early afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.85% against the dollar at NIS 3.569/$ and down 0.74% against the euro at 4.244/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate down 0.055% from Tuesday's exchange rate at NIS 3.600/$ and set the shekel-euro rate down 0.056% at 4.275/€.

Despite the escalation in the conflict near the Golan Heights border, and the widening interest rate gap between the Israeli and US currencies, the shekel remains robust due to Israel's impressive macroeconomic performance. Earlier this week, market sources were talking about the shekel-dollar rate moving towards NIS 3.70/$ due to the growing tension in the north but instead the rate has fallen in the opposite direction from highs of NIS 3.63/$ to well below NIS 3.60/$.

Published by Globes [online], Israel business news - - on May 10, 2018

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

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