More strong gains for shekel against dollar

May 31, 2011 12:06

The shekel strengthened strongly against the dollar in morning trading today, but is weakening against the euro. The shekel is strengthening even though the Bank of Israel has intervened today to buy tens of millions of dollars. The shekel-dollar exchange rate fell 0.96% to NIS 3.438/$, but the shekel-euro exchange rate rose 0.09% to NIS 4.953/€.

The euro has been strengthening in international markets on optimism that Greece will be saved. EU leaders decided to grant an additional rescue package for Greece by the end of June, and reject any restructuring of the country's debt. The euro rose slightly against the dollar to $1.438/€.

Clal Forex said today, "Last night, the important euro-dollar exchange rate resistance level of $1.435/€ was broken, and it is now heading for the next resistance level of $1.45/€.

The dollar strengthened 0.3% against the Japanese yen to ¥81.535/$ and is trading against the pound sterling at $1.653/₤.

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