Shekel continues gains against embattled dollar

Israel Materials 1 September 2020 18:10 (UTC +04:00)

The shekel is strengthening today against the dollar and weakening against the euro. In afternoon inter-bank trading the shekel-dollar exchange rate was down 0.29% at NIS 3.352/$ and up 0.207% against the euro at NIS 4.013/€, Trend reports with reference to Globes.

Yesterday, the Bank of Israel set the shekel 0.178% lower from Friday at NIS 3.362/$, and the representative shekel-euro rate was set 0.207% higher at NIS 4.013/€.

With the US currency under pressure worldwide, the shekel-dollar rate has not been so low since July 2008. The shekel has been further strengthened over the past month with few Israelis traveling abroad for their traditional August vacation and thus not needing to buy foreign currency.

Prico Risk Management and Investments CEO Yossi Fraiman expects the dollar to continue weakening against the shekel this week, with many corporations needing to exchange foreign currency for shekels in order to pay salaries.