In addition to the Russian invasion of Ukraine, Covid lockdowns in China are aggravating supply chain disruption concerns.
The shekel is weakening today against the dollar and against the euro. In afternoon inter-bank trading, the shekel exchange rate is up 0.48% against the dollar at NIS 3.284/$ and up 0.78% against the euro at NIS 3.601/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate up 0.12% from Friday, at NIS 3.268/$, and the representative shekel-euro rate was set 0.09% lower at NIS 3.581/€.
Last week the shekel weakened to NIS 3.30/$ for the first time since April 2021 over concerns about the ongoing Russian invasion of Ukraine. After rebounding for a few days, the shekel is again weakening on heightened concerns about a worsening of supply chain disruptions as large parts of China go into lockdown because of a resurgence of the Covid pandemic.
Later today the Central Bureau of Statistics will announce the February Consumer Price Index (CPI) reading with analysts expecting a rise of 0.5%, taking annual inflation in Israel further above the annual target range upper limit of 3%. Later this week the US Federal Reserve will announce an interest rate hike and the Bank of Israel is expected to follow suit next month.
Published by Globes, Israel business news – en.globes.co.il – on March 15, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Shekels Photo: Shutterstock Vladerina32
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