Despite this week's global market turmoil and the Bank of Israel intervention in trading at the end of last week, the shekel continues to strengthen against the dollar.
The representative shekel-dollar exchange rate fell 1.34% to NIS 3.38/$ today, the shekel-euro exchange rate fell 1.19% to NIS 5.337/€, and the shekel-pound exchange rate fell 0.71% to NIS 6.823/₤.
In inter-bank trading after the setting of the representative rate, the shekel has weakened slightly against both the dollar and the euro, and is currently traded at 3.386/$ and 1.5774/€.
The dollar has fallen in value against most major currencies, with the euro reaching its strongest level since that currency was launched, as the euro strengthened 1.46% to $1.59/€.
Locally, expectations are growing for a further rate cut by the Bank of Israel at the end of the month, following today's expected rate cut by the US Federal Reserve Bank.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2008
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