The shekel is weakening today against the dollar after reports that Russian troops have moved into eastern Ukraine. In afternoon inter-bank trading, the shekel exchange rate is up 0.36% against the dollar at NIS 3.222/$ and up 0.32% against the euro at NIS 3.654/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate up 0.532% from Friday, at NIS 3.210/$, and the representative shekel-euro rate was set 0.317% higher at NIS 3.643/€.
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BoI keeps rate unchanged, but hikes coming soon
The shekel is weakening today as investors prefer safe haven currencies, especially the dollar, as the Russia-Ukraine crisis intensifies.
Yesterday the Bank Of Israel announced that it would begin a gradual process of raising interest rates in the coming weeks. The next interest rate announcement is on April 11 and analysts expect the rate will rise then from 0.1% to 0.25%, assuming that the US Federal Reserve raises interest rates next month.
Published by Globes, Israel business news – en.globes.co.il – on February 22, 2022.
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