Israeli Markets Dip and Dollar Surges After Knesset Elections
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Following the Knesset elections, the Israeli shekel weakened significantly against the dollar and euro, with the dollar reaching 3.12 shekels by midday Wednesday. This currency depreciation is projected to push gasoline prices above 9 shekels per liter by November 1. The Tel Aviv Stock Exchange also saw major indices fall sharply, including the TA-90 by 4.3%, in reaction to the election outcomes.
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- The dollar surged to 3.12 shekels and the euro rose significantly after Israeli Knesset elections.
- Gasoline prices in Israel are expected to exceed 9 shekels per liter by November 1.
- The Tel Aviv Stock Exchange indices TA-90, TA-125, and TA-35 fell by 4.3%, 3%, and 2.7% respectively.
- A $50,000 order could cost an Israeli business an extra 2,500 shekels due to currency fluctuations.
- The shekel had shown positive trading trends just before the elections.
Following the Knesset elections, Israel's currency market experienced a sharp increase in the dollar and euro exchange rates. On Wednesday, October 28, the dollar's value rose to 3.12 shekels by midday, up from 3.02 shekels the previous day. The Bank of Israel later set the official rate at 3.218 shekels per dollar. The euro also saw a significant rise, increasing by 0.984% since October 26 to reach 3.4787 shekels.
This currency fluctuation is expected to lead to higher gasoline prices. Forecasts suggest that by the night of November 1, the price of one liter of gasoline could exceed 9 shekels, an unprecedented level. Yossi Freiman, General Director of the risk management and investment company Prico, anticipates the dollar could reach 3.20 shekels, though he expects it to fluctuate between 3.12 and 3.16 shekels in the coming days.
Auditor Eran Buchris, who specializes in strategic consulting, highlighted the challenges this poses for Israeli businesses dealing with foreign suppliers. He noted that for a small or medium-sized enterprise ordering $50,000 worth of goods, even a 5 agorot increase in the exchange rate adds 2,500 shekels to the cost, excluding commissions and fees.
The Tel Aviv Stock Exchange also reacted negatively to the preliminary election results, with major indices experiencing significant drops. The TA-90 index fell by 4.3%, the TA-125 by 3%, and the TA-35 by 2.7%. This contrasts with the positive trading trend on October 26, the eve of the elections, when the main indices had risen by an average of 2%.
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