2023-12-02 19:48:00
Dollar Rate Soars to NIS 3.74 Due to Return to State of War
The continuous dollar rate soared to NIS 3.74 on Friday, marking a 1.1% increase from the previous day. This comes after two days of gains following a recent slump to a five-month low. The outbreak of the war initially caused the dollar exchange rate to peak at NIS 4.11, but recent weeks have seen a significant weakening of the dollar due to a relaxation in fighting and actions by institutional bodies managing funds such as pensions and welfare.
The increase in the dollar exchange rate on Friday is linked to the return to a state of war in the south, which is expected to impact the exchange rate. Additionally, institutional bodies investing funds abroad in dollars also influence the exchange rate. Changes in foreign markets directly affect the exposure to the dollar exchange rate, resulting in adjustments by these institutional bodies.
The continuous dollar rate is now seen as a more significant indicator compared to the representative dollar rate, as trading in the dollar continues until late night and even on Fridays. The continuous rate is likely to have more influence in transactions such as rent payments and purchases.
Additionally, in the stock market, certain companies have seen varied returns. Notably, Brainsway’s stock is back with a 10% gap after a 50% gain last month. The company specializes in treatments for addictions, depression, and anxiety. Elbit shares returned with a positive gap of 2.2%, while Kamtec took a negative gap of 3%, and Liveperson is expected to rise by 7%.
In terms of financial reports, the Rami Levy chain reported seemingly good results, but closer examination revealed a significant deterioration in operating profit. The company faced scrutiny for implementing an accounting change, leading to confusion about the true financial performance.
Overall, the continuous dollar rate has experienced significant fluctuations, driven by both global and local factors. The impact of the return to a state of war, as well as the influence of institutional bodies on the exchange rate, continues to shape the economic landscape in Israel.
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