The shekel-dollar exchange rate continues to zigzag, due to sharp fluctuations in the dollar in international markets.
The representative shekel-dollar exchange rate fell 0.37% today to NIS 4.633/$, after rising 0.41% yesterday, and falling 0.47% on Monday. The highest shekel-dollar exchange rate in inter-bank trading today was NIS 4.6439/$, and the lowest was NIS 4.6301/$.
The shekel-euro exchange rate continues to fall, dropping 0.18% today to NIS 5.5455/€. The shekel-euro exchange rate has fallen 1% over the past week.
Foreign currency spot trades have fallen a sharp 40% over the week-long Sukkot holiday to a daily average of $825 million, of which $139 million is by foreign financial institutions. Before the holiday, the daily average of foreign currency spot trades was $1.4 billion, of which $360 million was by foreign financial institutions.
Market players’ working assumption is that the Bank of Israel will raise the interest rate by another 0.25% to 4% next week.
Published by Globes [online], Israel business news - www.globes.co.il - on October 20, 2005