The strengthening of the shekel has insulated Israel against higher inflation by reducing the price of imports, even if it has made life difficult for exporters.
The shekel is strengthening against the dollar and against the euro today. In afternoon inter-bank trading, the shekel was down 0.29% against the dollar at NIS 3.093/$ and down 1.06% against the euro at NIS 3.515/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.321% from Friday, at NIS 3.102/$, and the representative shekel-euro rate was set 0.272% lower at NIS 3.552.
Yesterday the Central Bureau of Statistics reported that the Consumer price Index (CPI) rose by only 0.1% in October, when the analysts’ consensus had been a 0.4% rise. Inflation over the past 12 months has been 2.3%, well below the inflation rate in the US and Western Europe. In part the strengthening of the shekel has insulated Israel against higher inflation by reducing the price of imports, even if it has made life difficult for exporters.
The shekel-dollar rate has again fallen below NIS 3.10/$. When this happened last week and the rate fell to NIs 3.08/$, the Bank of Israel intervened aggressively on the forex market to purchase foreign currency and moderate shekel gains to assist exporters.
Published by Globes, Israel business news – en.globes.co.il – on November 16, 2021.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.
Shekel Photo: Shutterstock Vladirina 32
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