Shekel continues to weaken against the dollar

October 10, 2012 13:32


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The shekel continued to weaken against the dollar and strengthen against the euro in morning inter-bank trading Wednesday. The shekel-dollar exchange rate is up a further 0.26 percent, compared with Tuesday's representative rate, to NIS 3.872/$, and the shekel-euro exchange rate was down a further 0.34% to NIS 4.982/€.

FXCM Israel research department head Moshe Shalom said, "The drop in the shekel-dollar exchange rate to NIS 3.855/$ was expected, but it now seems that global conditions are permitted a deeper and more violent movement than what we've felt so far."

"All the conditions now point to a stronger probability of a rise in the dollar in the short term, and a fall in the euro," he added.

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