The shekel-dollar exchange rate is continuing yesterday's rise, despite this week's interest rate hike.
The shekel-euro exchange rate jumped over 2.3% today to NIS 5.2725/€. The shekel-dollar exchange rate continued yesterday's rise with an increase of 0.76% to NIS 3.5698.
Yesterday, the representative shekel-dollar exchange rate rose 0.54% to NIS 3.533/$, while the representative shekel-euro rate fell 0.67% to NIS 5.152/€.
Prico CEO Yossi Freiman told "Globes" today, "Yesterday's dollar strength against the shekel, while the dollar weakened against most major currencies, especially the euro, is what is causing today's rise in the euro versus the shekel."
Online foreign exchange trading firm Easy-Forex notes that despite the interest rate hike on by the Bank of Israel, the dollar strengthened significantly against the shekel, with estimations of a slowdown in Israel's economy later in the year and into 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2008
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008