Israel’s foreign currency market in the first quarter of 2020
The Exchange Rate - Weakening of the shekel against the dollar, as part of the strengthening of the dollar worldwide
During the course of the first quarter, the shekel weakened by approximately 3.2 percent against the dollar, and by 0.6 percent against the euro. In contrast, the shekel strengthened by about 18 percent against the Russian ruble, and by about 3.6 percent against the British pound.
Against the currencies of Israel's main trading partners, in terms of the nominal effective exchange rate of the shekel (i.e., the trade-weighted average shekel exchange rate against those currencies), the shekel strengthened by approximately 0.8 percent.
In view of the corona crisis, the dollar has been in an upward trend against the major currencies (Figure 2) during the first quarter. The dollar strengthened by approximately 2.6 percent against the euro, and by 6.9 percent against the British pound.