Shekel strengthens towards pre-crisis rates

Shekel Photo: ASAP Creative

The foreign exchange market has become much less volatile over the past few days than in recent weeks.

The shekel is strengthening today against the dollar and against the euro. In late afternoon inter-bank trading the shekel-dollar exchange rate was down 1.01% at NIS 3.588/$ and down 0.62% against the euro at NIS 3.944/€.

Earlier this afternoon, the Bank of Israel set the representative shekel-dollar rate 0.66% lower at NIS 3.604/$, and the representative shekel-euro rate was set up 0.795% at NIS 3.969/€.

The foreign exchange market has become much less volatile over the past few days than in recent weeks. Overseas the US stimulus rescue plan has soothed investors nerves and lifted stock markets but it remains unclear whether markets have seen the bottom with no immediate end in sight to the coronavirus crisis.

The Israeli currency has been rebounding strongly since the end of last week when the Bank of Israel said that it will provide up to $15 billion in liquidity to the banks from its $130 billion foreign exchange reserves. The shekel was trading at NIS 3.46/$ at the beginning of the month depreciated to NIS 3.86/$ last week but is now moving strongly back towards its pre-crisis levels.

Published by Globes, Israel business news - en.globes.co.il - on March 26, 2020

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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