The shekel is stronger against both the euro and dollar today, ahead of this evening's interest rate decision by the Bank of Israel. Governor of the Bank of Israel Prof. Stanley Fischer is generally expected to leave the interest rate unchanged, as concern over the effects of the European economic crisis outweigh worries about inflation stemming from Israel's economic recovery.
The shekel-dollar exchange rate is down 0.2% to NIS 3.8145/$, and the shekel-euro exchange rate is down 0.76% to NIS 4.7467/€.
On Wednesday, at the end of Tel Aviv Stock Exchange (TASE) trading, Israel will switch from MSCI emerging markets to developed markets status, and join several developed market indices, such as MSCI World. Index funds that track developed market global equity indexes will try to include Israeli shares as soon as possible.
On Friday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.822/$, 0.079% higher than the day before, and set the shekel-euro representative exchange rate at NIS 4.7829/€, 0.576% higher than the day before.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2010
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