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The greenback is at a 16-month excessive in opposition to the world’s main currencies however remains to be being battered by the shekel.
The shekel is once more strengthening in opposition to the greenback and in opposition to the euro as we speak. In afternoon inter-bank buying and selling, the shekel was down 0.65% in opposition to the greenback at NIS 3.070/$ and down 1.08% in opposition to the euro at NIS 3.476/€.
Yesterday, the Financial institution of Israel set the consultant shekel-dollar price down 0.387% from Monday, at NIS 3.090/$, and the consultant shekel-euro price was set 0.26% decrease at NIS 3.514/€.
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The greenback could also be dominant on international foreign exchange markets, at a 16-month excessive in opposition to the world’s main currencies, as a result of considerations about rising inflation, however that is not stopping the shekel. The Israeli foreign money is at a brand new 26-year peak price in opposition to the greenback and an all-time excessive in opposition to the euro.
When the shekel fell to NIS 3.08/$ final week, the Financial institution of Israel intervened aggressively by buying international foreign money to average the appreciation of the shekel and help exporters.
However the stronger shekel is making imports cheaper and on this method insulating Israel from the upper inflation that’s plaguing different Western economies. Whereas annual inflation within the US is over 6% and over 4% within the UK, inflation in Israel over the previous 12 months has been a extra manageable 2.3% – throughout the Financial institution of Israel’s annual goal vary of 1%-3%.
Printed by Globes, Israel enterprise information – en.globes.co.il – on November 17, 2021.
© Copyright of Globes Writer Itonut (1983) Ltd., 2021.
Shekel Photograph: Shutterstock Vladirina 32
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