The shekel was flat in inter-bank trading on the foreign exchange market today against the dollar and weakening against the euro. The shekel is at its weakest in two years against the US currency, and is hovering around the NIS 3.80/$ threshold. The shekel-dollar rate is currently up 0.04% in comparison with yesterday's representative rate, at NIS 3.79/$. The shekel-euro rate is up 0.21%, at NIS 4.744/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.789/$, up 0.132% on Friday's rate, and set the shekel-euro representative exchange rate at NIS 4.735/€, down 0.45%.
Last night the shekel-dollar rate briefly breached the NIS 3.80/$ barrier.
FXCM Israel Research Department said this morning, "The shekel-dollar exchange rate is continuing its momentum from last week and has again succeeded in climbing above the key NIS 3.80/$ marker. This psychological level won't deter speculators who will continue to push the rate upwards. The next target is NIS 3.815/$ followed by NIS 3.83/$. The dollar continues to strengthen due to the US economic recovery and as a result of the weakness of other currencies.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014