The shekel-dollar exchange rate continues to move higher, rising 1.35% to NIS 3.968/$. The shekel-euro exchange rate is also up, rising 1.52% to NIS 5.0052/€. The last time the shekel-euro rate was over 5 was on October 20.
The shekel-dollar rate is at its highest level since last December.
The movement in the exchange rate, signaling a stronger dollar, is in line with global currency trading where the dollar is gaining against leading currencies.
Yesterday, the Bank of Israel set the representative shekel-dollar exchange rate at NIS 3.915/$, an increase of 0.824% over the previous setting, and the representative shekel-euro exchange rate was set at NIS 4.9505/€, an increase of 0.341% over the previous setting.
Online foreign exchange trading platform Easy Forex said that the small increase in the CPI in October continues to pressure the shekel against both the dollar and euro. The shekel-euro rate is approaching the 5 shekel per euro level. On a technical level, the shekel-dollar exchange rate has to break past the 3.93 level to make a move toward NIS 4/$.
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2008
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