Shekel maintains strong rebound against dollar

Or Poria: The medium and long-term forecasts remain unchanged, in which the shekel is expected to continue its significant strengthening trend against the world's major currencies.

In afternoon inter-bank trading the the shekel maintained its strong rebound against the US dollar. The shekel-US dollar exchange rate is down 0.68% at NIS 3.554/$, and the shekel-euro rate is up 0.25%, at NIS 3.704/€.

Yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.859% from Monday, at NIS 3.578/$, and the representative shekel-euro rate was set 0.176% lower at NIS 3.694/€.

The shekel began the week losing ground against the US dollar on Monday as US President Donald Trump's tariff demands spooked global markets, strengthening the US currency against all the world's currencies. But after Trump postponed tariffs following concessions from countries, the dollar lost ground. The shekel has been further boosted by Trump's plans for the US to annex Gaza and is now trading at levels seen last month and before that not seen since early 2023 before the judicial reform program split the nation.

Poria Financial Planning chairman Or Poria said, "The medium and long-term forecasts remain unchanged, in which the shekel is expected to continue its significant strengthening trend against the world's major currencies."

Published by Globes, Israel business news - en.globes.co.il - on February 5, 2025.

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