Shekel rally continues as rate falls to NIS 3.10/$
Author | Roi Weinberger |
Published date | 08 November 2021 |
Publication title | Globes (Rishon LeZion, Israel) |
The shekel is at its strongest ever against the basket of currencies that reflects Israel's trading partners and a new 25 year peak against the dollar. But for the $30.5 billion in foreign currency purchases by the Bank of Israel this year to assist exporters, the shekel-dollar rate would have been below NIS 3/$. At least importers and Israeli consumers are feeling the benefits.
Israel Discount Bank trading room market strategist Shmuel Katzbian sees the shekel appreciation continuing in 2022. "I estimate that the shekel will strengthen against many currencies in 2022, although in the short term, it is more difficult to know.
He believes that the dollar will strengthen in 2022 but not necessarily against the shekel. "The US will raise interest rates once or twice next year although in the euro bloc I do not see interest rates rising in 2022."
"The question is what will happen to the dollar against the shekel and there is no certain answer due to several contradictory forces. If the dollar strengthens significantly worldwide or we see stocks worldwide falling, then we will see the dollar strengthen against the shekel. But generally you must remember that the forces pushing the strengthening of the shekel against the basket of currencies is very strong and they will stay with us in the future.
He...
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