/Shekel appreciation gains momentum

Shekel appreciation gains momentum

Prico: In the long term the shekel should strengthen against the dollar but in the short term it might have realized its potential at its current level.

The shekel is strengthening today against the dollar and against the euro. In afternoon inter-bank trading, the shekel-dollar exchange rate is down 0.54% against the dollar at NIS 3.653/$ and down 1.0% against the euro at 4.189/€.

Bank of Israel set the shekel-dollar representative rate up 0.246% at NIS 3.673/$ on Friday, and set the shekel-euro rate up 0.106% at 4.232/€.

The shekel is trading at its strongest for three months against the dollar and its strongest for two months against the euro.

Prico Risk Management and Investments CEO Yossi Fraiman said, “The activities of local financial institutions and businesses in shekels are resulting in a supply of foreign currency, which is strengthening the shekel. In contrast algo-trade is purchasing dollars in the NIS 3.625-3.657/$ range and this will provide high demand. In the long term the shekel should strengthen against the dollar but in the short term it might have realized its potential at its current level.”

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Shekel Photo: ASAP Creative

Shekel Photo: ASAP Creative