Shekel weakens as interest rate decision awaited

June 27, 2011 10:58

The shekel was weakening against the dollar and euro, in morning inter-bank trading on Monday, ahead of the Bank of Israel's announcement of the interest rate for July at 5:30 pm.

The shekel-dollar exchange rate rose 0.50% to NIS 3.462/$, and the shekel-euro exchange rate rose 0.03% to NIS 4.903/€, after falling in early trading.

In international markets, the euro weakened against the dollar to $1.412/€.

Clal Forex said today that if the Bank of Israel raises the interest rate, the shekel could strengthen substantially. "Keeping the interest rate unchanged could push the shekel-dollar exchange rate toward at least NIS 3.50/$, but in the long term the exchange rate could continue down to a low point of NIS 3.20/$," it said.

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