The shekel-dollar exchange rate is up 0.1% to NIS 3.915/$, and the shekel-euro exchange rate is up 0.15% to NIS 5.5869/€.
Capital market participants have told "Globes" that the Bank of Israel is expected to intensify its involvement in the foreign exchange market if the shekel continues to strengthen against the dollar.
Over the past week, Governor of the Bank of Israel Prof. Stanley Fischer has reportedly held conversations saying that he won't let the shekel continue to appreciate. A participant in one of the conversations said, "The Governor is troubled by what is going on in the foreign exchange market, and understands the importance of a stronger dollar especially now. He emphasized that he 'will know how to deal with the issue'."
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.91/$, 0.67% higher than the day before, and set the shekel-euro representative exchange rate at NIS 5.5787/€, 0.87% more than the day before.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009