The average shekel-dollar exchange rate rose only 0.9% to NIS 4.9394/$ in June.
The Central Bureau of Statistics today reported that the rapid shekel depreciation against the dollar came to a halt in June, after the Bank of Israel's steep interest rate hike, which reversed the foreign currency market trend. The shekel depreciated more steeply against the other currencies traded in Israel, due to the stronger euro and Japanese yen on overseas markets.
The average shekel-dollar exchange rate rose only 0.9% to NIS 4.9394/$ in June. The average shekel-euro rate, however, shot up 5.2% to NIS 4.7186/€. The shekel also fell sharply against other currencies. The shekel-Swiss franc exchange rate rose 4.2% to NIS 3.2051, while the shekel-Japanese yen rate climbed 3.4% to NIS 4.0027 per 100 yen.
The dollar weakened in June against most of the currencies traded in Israel, following the trend on overseas markets, particularly against the euro and the Japanese yen. The dollar lost an average of 4.1% against the euro, 3.1% against the Swiss franc, and 2.4% against the yen.
Published by Globes [online] - www.globes.co.il - on July 1, 2002