The shekel was strengthening in morning inter-bank trading today against the dollar but weaker against the euro. The shekel-dollar exchange rate is down 0.39% at NIS 3.912/$ compared with yesterday's representative rate, and the shekel-euro rate is up 0.10% at NIS 4.31/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.512% from Tuesday's rate at NIS 3.927/$, and the representative shekel-euro rate up 0.149% at NIS 4.306/€.
The representative rate for sterling was set down 1.157% at NIS 5.451/£ to a seven-year low against the shekel on concerns that the UK will leave the EU. The pound has lost more than 2.5% against the shekel this week alone and has fallen below $1.40/£.
FXCM Israel said in its morning survey, "The shekel-dollar exchange rate touched NIS 3.93/$ yesterday, its highest level since the start of the month, but then fell back to the support level of NIS 3.91/$. Over the past day we have again tangibly seen how trading on the financial markets is dictated by the volatility in oil prices. The price of oil also impacts the foreign currency trading market and weighs on the dollar while strengthening safe have currencies like the Japanese yen, Swiss franc and euro."
Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2016
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