The shekel continues to trade at its strongest levels against the dollar since early 2023.
In late morning inter-bank trading the shekel continues to gain against the US dollar and the euro. The shekel-US dollar exchange rate is down 0.40% at NIS 3.535/$, and the shekel-euro rate is down 0.52%, at NIS 3.685/€.
Yesterday, on the foreign exchange market, the Bank of Israel set the representative shekel-dollar rate up 0.084% from Monday, at NIS 3.557/$, and the representative shekel-euro rate was set 0.231% lower at NIS 3.719/€.
The shekel continues to trade at its strongest levels against the dollar since early 2023, before the government tried to push through its judicial reform and then later in the year the outbreak of the war after Hamas’s surprise attack on Israel.
Poria Financial Planning chairman Or Poria said, “The leading currencies are trading stably and are near annual weak rates against the shekel, due to progress in phase one of the hostage deal. The dollar is trading at the lower limit of the NIS 3.55-3.85/$ range recorded over the past year, with the most notable developments in the foreign exchange market in recent weeks being the strengthening of the euro by about 2% and sterling by about 4% against the dollar.”
“The medium and long-term forecasts remain unchanged, in which the shekel is expected to continue its significant strengthening trend against the world’s major currencies.”
Published by Globes, Israel business news – en.globes.co.il – on February 19, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
Shekel credit: Shutterstock Vladirina 32
