Shekel Weakens Sharply


shekelThe shekel weakened against the dollar and euro in trading today, Globes reports. The shekel-dollar exchange rate has risen 0.69%, compared with Friday’s representative rate, to NIS 3.522/$, after the Bank of Israel bought tens of millions of dollars on Friday. The central bank is estimated to have bought some $500 million in total last week. The shekel-euro exchange rate has risen 0.17% to NIS 4.7467/€.

“The shekel-dollar exchange rate broke through upwards, in line with the strengthening of the dollar in international markets, and the well-timed intervention by the Bank of Israel last week,” said FXCM, according to Globes. “When the level of risk rises, demand for the dollar, which is a sounder and safer assets, also rises. Further falls in the capital market and instability in emerging markets should further boost demand for the dollar, and strengthen it against the shekel, too.”

{ Israel News Bureau}