Shekel resumes gains

Shekel  / Photo: Shutterstock

The Israeli currency has resumed the gains which have characterized most of this year, during which time it has appreciated 7% against the dollar.

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 0.16% against the dollar at NIS 3.487/$ and down 0.54% against the euro at 3.899/€.

Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.258% at NIS 3.493/$ from Monday, and set the shekel-euro rate up 0.497% at 3.920/€.

The shekel has resumed the gains which have characterized most of the year during which time it has appreciated 7% against the dollar, 9% against the euro and 12% against sterling. Earlier this week, Goldman Sachs' Research Department published a report entitled "The Unstoppable Shekel" which sees the Israeli currency continuing to appreciate. Goldman Sachs sees the shekel-dollar rate reaching NIS 3.45/$ and maybe lower if the new Bank of Israel Governor Prof. Amir Yaron continues to stand on the sidelines and refuse to bow to pressure from exporters and purchase foreign currency to weaken the shekel.

Tomorrow, the Central Bureau of Statistics will publish the July Consumer Price Index (CPI), which is expected to be unchanged, thus maintaining the annual inflation rate below the 1%-3% annual target range.

Published by Globes, Israel business news - en.globes.co.il - on August 14, 2019

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

Shekel  / Photo: Shutterstock
Shekel / Photo: Shutterstock
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