The shekel is rising today against the dollar for the fifth session in a row, and it is strengthening against the euro. In the early afternoon, the shekel / dollar exchange rate fell 0.51% against the dollar at 3.282 shekels / dollar, and 0.68% against the euro at 3.898 shekels / euro. Yesterday, the Bank of Israel set the representative exchange rate for the shekel in dollars, down 0.302% from Tuesday, at 3.299 shekels / dollars, and the representative shekel / euro rate was set at 0.440%, at 3.925 shekels / euros. Related materials The investment bank bought $ 13.7 billion in foreign currency in the first quarter of 2021. The International Monetary Fund raises growth forecasts in Israel for 2021 and the shekel has been rising against the dollar last week. As the United States prints more money for President Biden’s stimulus package, the dollar weakened against the world’s major currencies. However, today the dollar is slightly stronger around the world, but it is not as strong as the shekel. The Bank of Israel revealed yesterday that it bought $ 2 billion in foreign currency in March in an effort to curb the strength of the shekel, raising its foreign currency purchases in the first quarter to $ 13.7 billion. This is roughly half of the planned $ 30 billion purchase program that was announced in January, although Governor Professor Amir Yaron has since indicated that the program could exceed $ 30 billion. Earlier in the week, the International Monetary Fund raised its growth forecast for Israel to 5% in 2021 from 4.1%, due to the opening up of the economy after a successful vaccination campaign. Victor Bahar, chief economist at Bank Hapoalim, said, “The Bank of Israel bought $ 2 billion in March and $ 13.7 billion since the beginning of the year. This leaves the Bank of Israel buying about $ 1.8 billion every month until the end of the year. It suffices to prevent the appreciation of the shekel in the coming months. Bearing in mind that opening up the skies will somewhat reduce the pressures of the rise.Published by Globes, Israel business news – en.globes.co.il – on April 8, 2021 © Copyright by Globes, Israel business news – en.globes.co.il Globes Publisher Itonut (1983) Ltd. 2021
The shekel rose against the dollar for the fifth session in a row
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