Shekel weakens as US reaches debt deal

August 2, 2011 11:50

The shekel weakened against the dollar on Tuesday morning, but strengthened against the euro in morning inter-bank trading, after the US Congress reached a deal to raise the debt ceiling at the last minute. The shekel-dollar exchange rate rose 1.1 percent to NIS 3.449/$, but the shekel-euro exchange rate fell 0.72% to NIS 4.887/€.

In international markets, the dollar strengthened against leading currencies, trading at $1.42/€ against the euro and ¥77.40/$ against the Japanese yen.On Monday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.412/$, down 0.53% from Friday, and set the shekel-euro representative exchange rate at NIS 4.922/€, up 0.56%.

At the last minute, Democrats and Republicans reached a deal to raise the debt ceiling by $1 trillion, and agreed to cut spending by $2.5 trillion. There will be no tax hikes. The House of Representatives passed the bill Monday night (Washington DC time), and the Senate is due to vote on it on Tuesday, after which US President Barack Obama will sign it.

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