Shekel boosted by progress on Hezbollah truce

Shekel boosted by progress on Hezbollah truce

Reports in Lebanon say US President Biden’s special envoy Amos Hochstein is close to brokering a halt to the fighting in the north.

The shekel is strengthening against the dollar and against the euro today. In afternoon inter-bank trading, the shekel-dollar rate is 0.73% lower at NIS 3.648/$, and the shekel-euro rate is 0.81% lower at NIS 3.918/€.

Yesterday, the Bank of Israel set the representative shekel-dollar rate up 0.851% from Friday, at NIS 3.675/$, and the representative shekel-euro rate was set 0.459% lower at NIS 3.949/€.

The shekel is stronger today following reports in Lebanon of progress in talks to bring quiet to the Israel-Lebanon border. Progress is due to the hard work of US President Biden’s special envoy Amos Hochstein who has been shuttling between Beirut and Jerusalem in efforts to prevent escalation on Israel’s northern border.

Reports in Lebanon say that there is now a proposal on the table that could bring about a truce. According to the latest proposal Hezbollah would not withdraw to north of the Litani River, as Israeli is demanding, but would pull back some 8-10 kilometers from the border, with UNIFIL soldiers taking their place.

Published by Globes, Israel business news – en.globes.co.il – on February 6, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Shekels credit: Shutterstock Vladerina32

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