Shekel stronger despite BoI intervention

Shekel Photo: ASAP Creative

With the shekel approaching NIS 3.30/$, traders reported that the Bank of Israel has bought hundreds of millions of dollars in foreign currency today.

The shekel continues to strengthen against the dollar and against the euro. In early afternoon inter-bank trading the shekel was down 0.32% against the dollar at NIS 3.314/$ and down 0.25% against the euro at NIS 3.946/€.

Yesterday, the Bank of Israel set the representative shekel-dollar rate 0.479% lower from Tuesday, at NIS 3.325/$, and the representative shekel-euro rate was set 0.255% lower, at NIS 3.956/€.

Earlier in the week, traders reported that there had been no intervention on the foreign exchange market by the Bank of Israel recently, which was prepared to leave the shekel to gain to its natural level, even though it has not been trading this strongly against the dollar since July 2008.

But with the shekel well on the way to falling below NIS 3.30/$, traders reported that the Bank of Israel intervened significantly this morning to buy hundreds of millions of dollars in foreign currency to weaken the Israeli currency.

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

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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