Shekel weakens after global markets tumble

Shekel Photo: ASAP Creative

The Israeli currency has depreciated back above the psychologically important NIS 3.40/$ threshold.

The shekel is weakening today against the dollar and against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate is up 0.37% at NIS 3.406/$ and up 0.16% against the euro at NIS 3.990/€.

Yesterday, the Bank of Israel set the shekel 0.325% up from Tuesday at NIS 3.393/$, and the representative shekel-euro rate was set 0.345% lower at NIS 3.984.

The shekel has depreciated back above the psychologically important NIS 3.40/$ threshold after international markets have posted their biggest falls since June. The markets are spooked by the continuing rise in Covid-19 cases in Europe and as has been the pattern, Israeli banks and institutional investors need to buy foreign currency to support their positions on overseas stock exchanges.

The only consolation in Israel is that with falling new infections here, the second lockdown is being gradually eased with schools reopening on Sunday for first to fourth grades.

Published by Globes, Israel business news - en.globes.co.il - on October 29, 2020

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

Shekel Photo: ASAP Creative
Shekel Photo: ASAP Creative
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