Dollar-shekel rate plunges

The US dollar has weakened on world markets following Lehman Brothers' bankruptcy.

Foreign currency trading got off to a mixed start this morning, with the shekel-dollar rate plunging, while the shekel-euro rate rose.

Trading began this morning against the backdrop of the turmoil that has now engulfed the US financial sector and the latest developments there. In two dramatic announcements this morning, Lehman Brothers, the fourth largest investment bank in the US, said it would file for bankruptcy protection, while "Bloomberg" reports that Merrill Lynch has agreed to be acquired by Bank of America for $50 billion, after its share price fell last week.

In Israel, The Central Bureau of Statisics is due to will release the Consumer Price Index figure for August at 18:30 today.

The shekel-dollar rate is currently down 1.12% at NIS 3.5805/$, and the shekel-euro rate is up 0.39% at NIS 5.1278/€. The shekel-dollar representative rate was set 0.11% lower on Friday at NIS 3.621/$, and the shekel-euro rate was set 1.1% higher at NIS 5.108/€.

Published by Globes [online], Israel business news - www.globes-online.com - on September 15, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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