The shekel is strengthening today against the dollar and stable against the euro. In morning inter-bank trading, the shekel-dollar exchange rate is down 0.44% against the dollar at NIS 3.578/$ and down 0.08% against the euro at 4.149/€, Globes reports.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.729% from Monday's exchange rate at NIS 3.594/$ and set the shekel-euro rate down 0.553% at 4.153/€.
After losing ground against the dollar yesterday, the shekel is strengthening today despite the worst fighting along the Gaza border since Operation Protective Edge since 2014. The market seems to believe that a ceasefire is in the offing.
On world markets the dollar remains strong and has reached a six month high against sterling, with the UK suffering from weaker than expected economic performance, receding interest rate hike expectations and the difficulties in reaching a Brexit agreement. Sterling's weakness is also reflected against the shekel with the exchange rate falling 0.052% yesterday to NIS 4.7655/£ - sterling's weakest against the shekel since January.