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The shekel is at its weakest towards the greenback since early April 2021, reflecting the power of the US foreign money on world markets.
The sharp depreciation of the shekel towards the greenback continues. In afternoon inter-bank buying and selling, the shekel alternate fee is up 1.06% towards the greenback at NIS 3.3269/$ and up 0.16% towards the euro at NIS 3.5197/€.
Yesterday, the Financial institution of Israel set the consultant shekel-dollar fee up 0.030% right this moment from Monday, at NIS 3.292/$, and the consultant shekel-euro fee was set 0.425% decrease at NIS 3.514/€.
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5 the explanation why the shekel is weakening
The shekel is at its weakest towards the greenback since early April 2021, reflecting the power of the greenback on world markets, in anticipation of continued fee hikes by the US Federal Reserve to deal with rising US inflation. The greenback is at a 5 12 months excessive towards the euro.
The persevering with Russia-Ukraine conflict can also be strengthening the US greenback, which is seen because the world’s default secure haven foreign money.
As well as, the heavy falls on Wall Road yesterday require Israeli institutional traders to promote shekels and purchase overseas foreign money to hedge their abroad positions.
Printed by Globes, Israel enterprise information – en.globes.co.il – on April 27, 2022.
© Copyright of Globes Writer Itonut (1983) Ltd., 2022.
Shekels Credit score: Shutterstock Vladerina32
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