The shekel continued to slide against the dollar in inter-bank foreign currency trading this afternoon due to concerns over the escalating diplomatic crisis between Israel and Turkey. Yesterday Turkish Prime Minister Recep Tayyip Erdoğan said that he was suspending trade relations between Turkey and Israeli government bodies.
The shekel dollar exchange rate rose 0.48% this afternoon to NIS 3.673/$ but the shekel euro rate fell 0.55% NIS 5.161/€.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate up 0.63% to NIS 3./656$, and the shekel-euro representative exchange rate up 1.11% to NIS 5.19/€.
In addition to regional tensions, uncertainty in North America and Europe continues to spook international markets and cause volatility. Yesterday, the Swiss central bank decided to take action over the strengthening of the Swiss franc against the euro by fixing an upper limit for the exchange rate with the euro. As a result the Swiss franc lost 8% against the euro and yesterday the Bank of Israel set the shekel Swiss franc representative rate down 6.64% to NIS 4.314/CHF.
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