Shekel under pressure

The Gaza Post|The News of Palestine-Jerusalem

 

The Israeli currency has lost ground against the dollar and is at its weakest for 10 months against the euro.

The shekel is weakening in foreign currency trading in Tel Aviv today against the dollar and against the euro. In early afternoon inter-bank trading, the shekel-dollar exchange rate was up 0.53% at NIS 3.577/$ and up 1.52% against the euro at NIS 4.238/€.

Bank of Israel set the shekel-dollar representative rate today down 0.056% at NIS 3.558/$ from Friday’s rate and set the shekel-euro rate up 0.262% at 4.175/€.

The Israeli currency is at its weakest for 10 months against the euro and has also lost ground against the dollar despite the US currency’s weakness on world markets. The trend throughout 2017 of the strengthening shekel seems to have run out of steam despite no major foreign currency purchases by the Bank of Israel. Continuing negative inflation raises concerns about whether the Bank of Israel will be able to raise interest rates in 2018. In addition, geopolitical concerns following last month’s Temple Mount tension linger while the ongoing police investigations of those surrounding Prime Minister Benjamin Netanyahu raise political concerns about the stability of the government.

Source:Globes

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