Shekel opens 2018 stronger against the dollar

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock

The shekel gained 10.2% against the dollar in 2017.

With foreign exchange markets reopening around the world after the New Year Day holiday, the shekel is strengthening against the dollar and weakening against the euro, continuing the trend from last week. In morning inter-bank trading, the shekel-dollar exchange rate was down 0.30% from Friday's representative rate at NIS 3.457/$, and up 0.58% against the euro at 4.177/€.

On Friday, the Bank of Israel set the shekel-dollar representative rate down 0.144% from Thursday's exchange rate at NIS 3.467/$ and set the shekel-euro rate up 0.208% at 4.153/€.

The dollar index is down 0.2% with the US currency at its weakest against the euro and sterling since September 2017. Analysts believe that markets have priced in Donald Trump's tax cuts and now have concerns about monetary policy and the growth potential of the US market.

The shekel is at its strongest against the dollar since the summer of 2014. In 2017, the shekel strengthened 10.2% against the dollar. Over the year the shekel also strengthened 1.2% against sterling but weakened 3.6% against the euro.

Published by Globes [online], Israel business news - www.globes-online.com - on January 2, 2018

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

Shekels Photo: Shutterstock
Shekels Photo: Shutterstock
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