Shekel resumes gains

Shekel Photo: ASAP Creative

After two days of respite in its appreciation against the dollar, the Israeli currency is again gaining today and coming close to its 12 year strongest against the US currency.

The shekel is strengthening today against the dollar and is stable against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate is down 0.30% at NIS 3.376/$ and down 0.05% against the euro at NIS 3.987/€.

Yesterday, the Bank of Israel set the shekel 0.296% higher from Tuesday at NIS 3.386/$, and the representative shekel-euro rate was set 0.100% higher at NIS 3.999/€.

After two days of respite in its appreciation against the dollar, the Israeli currency is again gaining today and coming close to its 12 year strongest against the US currency.

Having scaled down its foreign currency purchases in September and October, the Bank of Israel will likely to revert to its policy of boosting its foreign exchange reserves to weaken the shekel and assist exporters. Between May and August, the Bank of Israel purchased $7.5 billion in foreign currency but in September and October those purchases have fallen to just $880 million.

With the US elections providing a clear victory for Joe Biden, despite Donald Trump's reluctance to concede defeat, and a vaccine for Covid-19 moving nearer, the hope is that the world's economy can get back on track, sooner rather than later in 2021.

Published by Globes, Israel business news - en.globes.co.il - on November 12, 2020

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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