Shekel continues slide against dollar and euro

October 25, 2012 11:29

The shekel on Thursday continued to weaken against the dollar and the euro in morning inter-bank trading. The shekel-dollar exchange rate was at NIS 3.862 per dollar, up .2% from Wednesday's representative rate, while the shekel-euro exchange rate rose .6% to NIS 5.024 per Euro.

FXCM Israel's research department believes that the shekel will weaken against the dollar and lead to an exchange rate of as high as NIS 3.95 per dollar. According to FXCM Israel, the shekel is especially weak and the dollar is seen as a safe haven during the domestic currency's time of distress.

FXCM Israel said, "Financial reports in the US continuing to disappoint and tension over the US elections rising will cause demand for the dollar worldwide to strengthen. This is resulting in its strengthening against the shekel."

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