Shekel weakens as rate decision looms

May 18, 2011 11:01


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The shekel was weaker against both the dollar and euro in inter-bank trading on Wednesday morning. The shekel was trading down 0.24% against the dollar at NIS 3.529/$, and down 0.59% against the euro at NIS 5.032/€.

In the foreign currency market on Tuesday, the shekel-dollar representative exchange fell 0.51% to NIS 3.51/$, while the shekel-euro representative exchange rate rose 0.1% to NIS 5.003/€.

While most analysts say that Governor of the Bank of Israel Prof. Stanley Fischer will raise the interest rate next week by 25 basis points to 3.25%, some voices are beginning to question the conventional wisdom.

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