Polia Finance: The dollar continues to trade within the familiar range of NIS 3.55 to 3.85/$, but in the long term the shekel should appreciate.
The shekel rose significantly today as Israel’s relatively contained attacks on Iran eased market fears of escalation. The Bank of Israel today lowered its representative shekel-to-dollar rate by 1.506% from Friday, setting it at NIS 3.728/$, and set its representative shekel-to-euro rate by 1.572% lower, at NIS 4.033/euro.
“The shekel-dollar exchange rate has fallen sharply this morning due to the apparent de-escalation of tensions between Israel and Iran and the resumption of hostage deal and cease-fire negotiations,” Or Polia, chairman of Polia Finance, said earlier today. It continues,” he said. Within the familiar range of NIS 3.55-3.85/$, but in the long term, our expectations remain unchanged and we expect the dollar rate to depreciate further against the shekel and trade at lower levels. There is. ”
Jonathan Brand, CEO of Ultra Finance, said: “Exchange rates are predictably reacting to recent political and economic developments. It is believed that they are waiting for the results.” At the same time, there is optimism that the sharp decline in the euro and pound over the past two weeks is due to security tensions in response to the Iranian attack, and that the current round is over. On the possible macroeconomic impact of damage to oil exports from the region. ”
Published by Globes, Israel Business News – en.globes.co.il – on October 28, 2024.
© Globes Publisher Itonut (1983) Ltd., Copyright 2024.
Shekel Credit: Shutterstock Vladerina32
