rch 2024
As we embark on the second quarter of 2024, the Israeli Shekel (ILS) has been observed to show a varying trend in its exchange rate against the US dollar. The change was recorded through specific timestamps within a close time frame in mid to end March 2024, identifying some interesting market changes.
The Israeli Shekel started at a moderate rate of 0.37109 on the 15th of March, which was observed to decrease gradually through the day, reaching a rate of 0.36784 by evening. Over the weekend, on 18th March, the ILS seemed to bounce back a little with it hitting a 0.371 mark at 6 am but dropped again to 0.37053 by end of day.
This decrease in rates continued till the 19th of March, post which the currency saw a period of relative stagnation, hovering around 0.37 until the 20th of March. By the end of 21st March, after a brief period of increase which saw the exchange rate reach its highest value of 0.37623, the rate dipped to 0.37548.
The period between 21st March and 3rd April saw the most significant movement. It dropped to an all-time low of 0.36392 on the 3rd of April, the lowest point of the data set.
The trend was such that the values observed during the early morning hours were typically higher compared to the rest of the day, perhaps linked to dynamics involving global trading hours, market sentiments, and economic events around the globe.
This wave-like movement signifies the volatility of foreign exchange rates in general and in this case, specifically the ILS. The variation in rates can be attributed to multiple factors including changes in interest rates, the balance of trade, inflation and political stability among others.
This fluctuating trend of the ILS poses both opportunities and challenges for investors and businesses involved in currency trading or those with exposure to ILS. It calls for careful monitoring and timely decision-making to leverage the higher rates and defend against the lows.
Looking ahead, events to watch would be the Israeli central bank''s stance on interest rates - whether there will be a rate hike or cut. Close attention must also be paid to the country''s inflation data, global economic events that affect trading, and political developments at home and abroad that may impact economic stability.
