Shekel rally gains momentum

Shekel Photo: ASAP Creative

Despite record infections and an extension of the lockdown, the Israeli currency is strengthening for the fourth straight trading day.

The shekel is strengthening today against the dollar and against the euro. In early afternoon inter-bank trading the shekel-dollar exchange rate is down 0.55% at NIS 3.422/$ and down 0.23% against the euro at NIS 4.016/€.

Yesterday, the Bank of Israel set the shekel 0.520% lower from Tuesday at NIS 3.441/$, and the representative shekel-euro rate was set 0.644% down at NIS 4.026/€.

Despite record infections and an extension of the lockdown, the Israeli currency is strengthening for the fourth straight trading day.

After weakening for almost the entire month of September against the dollar, the Israeli currency ended the month strongly, and the rally is continuing into October.

Having reached its strongest against the dollar since July 2008 at the end of August, when the representative rate was set at 3.353/$, the shekel then weakened reaching NIS 3.478/$ last week, mainly due to the strength of the dollar on global markets. But the dollar's recovery has run out of steam and the shekel is once again showing its underlying strength.

Published by Globes, Israel business news - en.globes.co.il - on October 1, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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