Shekel strengthens against dollar

The market is responding in part to Moody's reiteration of its A1 rating for Israeli government bonds.

The shekel is strengthening against the dollar, but weakening against the euro in morning inter-bank trading today. The shekel-dollar exchange rate is down 0.17%, compared with yesterday's representative rate, to NIS 4.013/$, and the shekel-euro exchange rate is up 0.21% to NIS 5.062/€.

In international markets, the dollar is traded at $1.26/€ against the euro.

Foreign currency traders are reacting, among other things, to Moody's Investors Service reiterating its A1 rating with a "Stable" outlook for Israeli government bonds. Moody's said that the rating and outlook were underpinned by the country's high economic, institutional and government financial strength, but that the rating is constrained by significant social and political challenges, which lead to moderate susceptibility to event risk

Published by Globes [online], Israel business news - www.globes-online.com - on September 4, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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