Shekel stable despite global volatility

Prico CEO Yossi Frieman: The shekel-dollar exchange rate will likely head toward NIS 3.70/$ or even higher.

2 November 11 09:53, Nadav Neuman

The shekel is weakening against the euro but strengthening slightly against the dollar in morning inter-bank trading today. The shekel-dollar exchange rate is down 0.05% to NIS 3.648/$, compared with yesterday's representative rate, reversing early gains, and the shekel-euro exchange rate is up 0.38% to NIS 5.024/€.

The dollar is strengthening in international markets as investors flee volatile markets in search of a safe haven, while the euro is weakening on fears about the Greek bailout referendum.

Prico CEO Yossi Frieman said, "The return to reality, the disappointment over the slow progress in implementing decisions in the eurozone, and the Bank of Japan's massive market intervention buying dollars and selling ¥8 trillion has created surplus global demand for the dollar, strengthening it. We believe that the dollar was strong upside potential in the short term, and the shekel-dollar exchange rate will likely head toward NIS 3.70/$ or even higher."

Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2011

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