Prof. Stanley Fischer's decision to lower interest rates had an immediate impact on the TASE and shekel-dollar rate.
Following Governor of the Bank of Israel Prof. Stanley Fischer's surprise decision to cut interest rates by 50 basis points to 3.75% as of October 12, the rises on the TASE strengthened. On the last day of trading this week due to Yom Kippur the Tel Aviv 25 Index rose 3.91% to close at 797.92, while the Tel Aviv 100 Index climbed 4.62% to 716.40. The Tel-Tech Index surged 6.78% to 169.98 and the Tel Aviv Real Estate Index soared by 19.06% to close at 258.77.
Trading in foreign currency after the Bank of Israel fixed today's exchange rates saw the shekel depreciated a further 1% against the dollar to 3.538/$, while the shekel weakened an additional 0.97% against the embattled euro to 4.8165/€.
Published by Globes [online], Israel business news - www.globes-online.com - on October 7, 2008
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