Shekel loses more ground against dollar

Shekel loses more ground against dollar

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The Gaza Post|The News of Palestine-Tel Aviv

The Israeli currency is trading against the dollar at a rate not seen since mid-February.

The shekel is weakening today against the dollar and against the euro. In morning inter-bank trading, on light trading volumes because of the Passover holiday, the shekel-dollar exchange rate is up 0.34% against the dollar at NIS 3.53/$ and up 0.11% against the euro at NIS 4.34/€.

the Bank of Israel set the shekel-dollar representative rate up 0.114% from Thursday’s exchange rate at NIS 3.518/$ and set the shekel-euro rate up 0.152% at 4.335/€.

The dollar is stronger on global markets and has pushed the shekel to levels not seen and then only briefly in mid-February and before that in December. There are growing concerns that Israel’s inflation rate at 0.2% over the past 12 months is not moving towards the government target range of 1%-3% that would allow the Bank of Israel to raise the interest rate from its historic low of 0.1%, where it has sat for over three years.



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