BREAKING NEWS

Dollar hits three-year low against Shekel

By GLOBES

JUNE 6, 2011 11:39

The shekel strengthened against the dollar but weakened against the euro in morning inter-bank trading Monday.

After the shekel-dollar exchange rate fell 2.5% last week to a one-month low, the exchange rate fell a further 0.54% in morning trading today to NIS 3.369/$ - the lowest rate since the exchange rate reached NIS 3.344/$ on July 16, 2008.

The shekel weakened against the euro on reports of a new bailout package for Greece. The shekel-euro exchange rate rose 0.52% to NIS 4.933/€.

"It seems that the interest rate hike two weeks ago combined with the especially optimistic growth forecasts published this week have resulted in the shekel-dollar rate having few alternatives but to weaken," said Bank of Jerusalem Foreign Currency Department Manager Eitan Admoni.

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