With the reopening of Israel's political rift and rocket alerts become almost a daily frequency, amid the resumption of fighting in Gaza, Shekel is in its weakest for a period of five months against the dollar, and the Tel Aviv Stock Exchange fell sharply today.
On Friday, the Bank of Israel set a representative rate of Sheika, an increase of 0.708 % against the US dollar at 3.697/$, and the Chic Irical rate was set by 0.580 %, at 4.004/€. In futures, shekels weakened 1.04 % against the dollar at 3.715/$ NIS, the euro has weakened 0.84 % at 4.019/€ NIS. Since the beginning of the month, Shekel has decreased by 2.7 % against the dollar and is in its weakest for a period of five months against the US currency.
Today, the Tel Aviv 35 index currently decreased by 3.08 % at 2425.86 Poin3.35 % in TS and TEL AVIV 125 decrease 3.35 % at 2446.65 points.
The collapse of the ceasefire with Hamas and the return to the severe fighting in Gaza increased in increasing uncertainty in the Israeli market and led to an increase in the risk of Israel. In addition, the government's announcement of the dismissal of the President of Shane Beit Ronin Bar and the decision of the Supreme Court of Justice to freeze his dismissal increased the level of political tension.
The chief investment economist Ravi Joslan tells “Globes”, “The local market is subject to turmoil, of a ceasefire, and perhaps on the way to normalization with Saudi Arabia, which Trump has prompted to put signs, etc., weakness.”
Will the direction continue?
Gozlan feels that Shekel is more likely to continue, “If we examine the behavior of Shekel-Dollar average over the past year, it has been circulated for most of the NIS 3.60-3.80/$/$.” He believes that the current situation allows the continuous shekel to weaken, and that “the current situation can withdraw towards the upper limit of this range.”
Posted by Globes, Israel Business News – En.globes.co.il – on March 23, 2025.
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