The dollar-shekel exchange rate fell to NIS 4.384/$.
The dollar-shekel exchange rate is plunging as the dollar falls against the euro, yen and pound sterling. The dollar-shekel representative rate fell 0.68% today to NIS 4.384/$. If the shekel continues to appreciate against the dollar, it could cause the CPI to be negative in November and December, and cause inflation in Israel to fall below 1% for 2004.
The euro-shekel representative rate fell 0.48% to NIS 5.6871/€, the yen-shekel representative rate fell 0.52% to NIS 4.1612/100¥, and the pound-shekel representative rate fell 0.65% to NIS 8.1249/£.
Senior economic sources in Jerusalem said today, "The fall in the dollar is no reason for concern. The only concern is that inflation will be low this year, and not even reach the lower limit of the government's inflation target of 1-3%."
Published by Globes [online] - www.globes.co.il - on November 16, 2004