The shekel-dollar exchange rate fell 1% in morning inter-bank trading to NIS 3.25/$. The latest drop comes after yesterday's fall to NIS 3.28-3.29/$. At one point yesterday, the shekel-dollar exchange rate was down 1.9% to NIS 3.27/$.
The shekel's appreciation against the dollar is in line with the dollar's weakness on international markets ahead of today's upcoming interest rate decisions by the Bank of England and the European Central Bank.
The shekel-euro exchange rate fell 0.3% in morning trading today to NIS 3.517/€. Yesterday's shekel-dollar representative exchange rate was set at NIS 3.284/$, 1.6% lower than the day before, while the shekel-euro representative exchange rate was set at NIS 5.19/€, also down 1.6%.
Easy Forex says that the shekel's appreciation is not stopping for anything. It added that yesterday's appreciation was due to inter-bank trading by HSBC and the Royal Bank of Scotland (RBS), which sold large quantities of dollars. Israeli traders continued the trend in the evening.
Published by Globes [online], Israel business news - www.globes-online.com - on July 3, 2008
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