Shekel Rebounded in FX Market to NIS 4.187 per Dollar

In the last week the shekel weakened by 4% against the dollar, which couldn't break through NIS 4.2 barrier

The shekel rebounded in the forex market on Monday, ending at a representative rate of NIS 4.187 against the dollar.

In the last week, the shekel weakened by 4% against the dollar, but greenback failed to break through the strong psychological barrier of NIS 4.20 on the upside.

On Friday the dollar had climbed 1.38% against the shekel to NIS 4.197. From the middle of May to the end of last week, the dollar had gained 6.9% against the shekel.

The shekel also gained ground against the euro today, rising 0.6% to NIS 5.5892.

One of the reasons for the dollar's rally against the shekel was the 1.75% interest rate gap between the shekel and dollar, in favor of the USD. Another is simply that the shekel has been rising against the dollar for the last year and a half.