web analytics
April 25, 2014 / 25 Nisan, 5774
At a Glance

Posts Tagged ‘shekel-dollar’

Sinking Shekel-Dollar Rate Good News for Israelis Visiting the US

Wednesday, January 1st, 2014

How low can you get? The shekel-dollar rate sank to a 28-month low Tuesday, and a dollar now is worth only a tad more than 3.46 shekels, compared with 3.50 shekels  a week ago and 3.75 a year ago. A shekel now is worth 29 cents, compared with 25 cents a year ago.

That means that American in Israel wanting to visit family in the United States can buy $100 with only 346 shekels. It also is bad news for American visiting Israel or earning dollars in Israel from abroad, who receive fewer shekels for a dollar.

Tuesday’s trading sent the rate to its lowest level since the spring in 2011, and a foreign exchange specialist told Globes business newspaper, “There is no doubt that the negative pressure on the two currencies remains large and there is a risk of breaking significantly lower. The dollar is at high risk worldwide due to the positive sentiment in capital markets in recent weeks and record levels of share indices.

“If there is indeed a continued weakness of the dollar at the start of 2014, the Bank of Israel must take aggressive action to prevent a collapse. From a technical point of view the shekel-dollar exchange rate is exposed to falling to very dangerous levels such as NIS 3.42/$ and NIS 3.38/$.

The shekel dollar rate has not been this low since August 2011, when it reach 3.4 shekels to the dollar. The only other time it was lower was in 2008, when the rate fell  to 3.26.

Easing of Fears of Attack in Syria Sinks Shekel-Dollar Rate

Wednesday, September 11th, 2013

The shekel-dollar rate sank to a two-year low Wednesday, reaching to as low as under 3.56 shekels to the dollar, after President Barack Obama called off a Senate vote on giving him permission to attack Syria. One shekel now is worth slightly more than 28 cents, good news for Israelis wanting dollars but terrible for exporters and Americans in Israel whose savings or wages are in dollars.

Last week, when it seemed certain that the United States would attack Syria, the rate was more than 3.66 shekels to the dollar.

Analysts expect the Bank of Israel to buy more dollars to jack up the rate if it falls much lower, but similar measures in the past have proven to have little long-term effect. The rate may move back up because of renewed strength in the American dollar worldwide.

However, the shekel  is expected to grow stronger  in the long term because of an improving economy, reduction of the deficit and the continuing development of the new offshore energy industry that is turning Israel into an energy exporter.

Turmoil in Egypt May be Driving Up Shekel-Dollar Rate

Monday, August 19th, 2013

One dollar bought slightly more than 3.57 shekels Monday morning as the shekel lost some of its recent strength, possibly because of the violence in Egypt, according to the Atrade foreign exchange service. The shekel also weakened against the Euro.

The Israeli currency, which most analysts believe will strengthen over the long-term, was trading at 3.53 shekels to the dollar two weeks ago.

The Central Bureau of Statistics reported on Sunday that the Gross Domestic Product (GDP) soared in the second quarter by 5.1 percent annually, far above expectations. Working against the shekel’s strength is the prospect of a stronger dollar, depending on the U.S. Federal Reserve Bank’s tapering off of bond purchases.

In the long term, the Israeli economy is expected to benefit from a windfall in royalties on exported natural gas, which may lead to a cut in taxes and a further rise in consumer spending.

Shekel-Dollar Rate Sinks Below 3.53

Thursday, August 8th, 2013

The American dollar’s worldwide weakness helped drive down the shekel-dollar rate to below 3.53 shekels to the dollar Thursday, the lowest level since September 2011. One shekel now is worth 28 cents.

Analysts have pointed to the lack of certainty over who will replace Stanley Fischer as Governor of the Bank of Israel, but the main influence on the shekel has been the weakening dollar.

Intervention by the Bank of Israel, which bought $100 million of dollars Wednesday, did little to weaken the shekel against speculators who are betting on the shekel dollar rate to continue to drop. The shekel might weaken is and when the Federal Reserve Board explicitly announces it will reduce its bond purchases.

Printed from: http://www.jewishpress.com/news/breaking-news/shekel-dollar-rate-sinks-below-3-53/2013/08/08/

Scan this QR code to visit this page online: