Bank of Israel Keeps Shekel Appreciation in Check
The Israeli new shekel fell today as the central bank was buying dollars to keep currency’s appreciation in check. The shekel was already weakening on the previous actions of the bank.
According to some traders, the Bank of Israel was buying dollars to push the currency down and help exporters. Exports may fall 3.4 percent in the next year from 3.9 percent in 2013. The central bank has cut interest rates two times last month, sapping the strength of the shekel.
USD/ILS rose from 3.6602 to 3.6724 as of 13:10 GMT today.
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Earlier News About the Israeli New Shekel:
- Bank of Israel Surprises Again, Shekel Weakens (2013-05-27)
- Israeli New Shekel Mixed After Bank of Israel Cuts Interest Rates (2013-05-14)
- Bank of Israel Leaves Rates Unchanged, Shekel Flat (2013-02-26)
- Shekel Gains on Monetary Policy Outlook, Retreats (2012-08-24)
- Shekel Rebounds as Central Bank Holds Interest Rates (2011-12-27)