Boria Finance: The dollar continues to trade in the familiar range of 3.55-3.85 shekels/dollar, but in the long term, the price of the shekel is expected to rise.
The shekel was sharply stronger today after a relatively restrained Israeli attack on Iran calmed market concerns about escalation. The Bank of Israel set the shekel-to-dollar representative rate 1.506% lower today as of Friday, at NIS 3.728/dollar, and the representative shekel-to-euro rate was set 1.572% lower at NIS 4.033/euro.
“The shekel rate against the dollar is falling sharply this morning, apparently due to the easing of tensions between Israel and Iran and the renewal of negotiations on the hostage deal and ceasefire,” Boria Finance Chairman Or Boria said earlier today. Trading. In the familiar range of 3.55-3.85 shekels/dollar, while in the longer term, the estimates remain unchanged and expect another significant decline in the price of the dollar against the shekel, which will trade at lower levels (relative to the dollar).”
Yonatan Brand, CEO of Ultra Finance, said, “Foreign exchange rates are reacting as expected to the latest political and economic developments. The shekel/dollar rate is trading around NIS 3.70/dollar, and it can be assumed that traders are awaiting the results of the US elections.” Meanwhile, the sharp decline in the value of the Euro and the British Pound over the past two weeks is due to security tensions following the response to the attack in Iran. “Alongside some optimism that the current round is over, there are also concerns about the potential macroeconomic implications of the damage to oil exports from the region.”
Published by Globes, Israel Business News – en.globes.co.il – on October 28, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
NIS credit: Shutterstock Vladerina32
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