Supported by expectations of a ceasefire on the northern border, the Israeli currency also reached its strongest levels in 20 months against the euro.
The shekel is rising sharply today against the US dollar and against the euro. In the afternoon, the shekel rate against the dollar fell by 0.76% against the dollar, reaching 3.646 shekels/dollar, and fell by 0.42% against the euro, reaching 3.835 shekels/euro.
Yesterday, the Bank of Israel reduced the representative exchange rate of the shekel to the dollar by 1.448% from Friday, to 3.674 shekels/dollar, and the representative exchange rate of the shekel to the euro was set by 0.078% at 3.852 shekels/euro.
The ceasefire agreement between Israel and Lebanon, which is expected to be signed in the next few days, has strengthened the value of the shekel, which is at its strongest levels in more than four months against the US dollar and its strongest levels in 20 months against the euro.
Boria Finance Board Chairman Or Boria said that the market “is working with expectations of continued progress towards a ceasefire on the northern front. The shekel-dollar exchange rate is trading in the middle range of the ‘familiar’ range that has characterized it over the past.” This year, between 3.55 shekels and 3.85 shekels to the dollar, mainly due to the strong appreciation of the dollar against major currencies, which intensified after the election of Trump. In the medium and long term, the assessment remains the same: major currencies are expected to weaken significantly (vs. Shekel).”
Published by Globes, Israel Business News – en.globes.co.il – on November 26, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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