Shekel loses more ground against dollar

Shekel  / Photo: Shutterstock

Bank of Israel Governor Prof. Amir Yaron says he would not hesitate to intervene in the forex market, if the shekel moves out of a pre-defined trading band.

The shekel is weakening today against the dollar and stable against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is up 0.36% against the dollar at NIS 3.551/$ and down 0.01% against the euro at 3.881/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.085% at NIS 3.538/$ from Friday's rate, and set the shekel-euro rate down 0.548% at 3.882/€.

The dollar is stronger on world markets against the euro and has pushed sterling to a three year low as Brexit uncertainties deepen with the possibility of British prime minister Boris Johnson calling a snap election.

Earlier this week, Bank of Israel Governor Prof. Amir Yaron told the "Globes" Governors Conference in Tel Aviv that he would not hesitate to intervene in the forex market, if the shekel moves out of a pre-defined trading band. Such a movement seems unlikely with the shekel at its weakest against the dollar for two months, after the Bank of Israel Monetary Committee last month said that it would not be raising the interest rate for "an extended period."

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

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

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Shekel  / Photo: Shutterstock
Shekel / Photo: Shutterstock
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