Dollar jumps 2.5% to NIS 3.48 ahead of interest rate decision

By JPOST.COM STAFF
March 24, 2008 08:30

The US dollar jumped 2.5% as foreign currency trading opened Monday morning to reach a level of NIS 3.48. The rise in the dollar's rate is said to be expectant of Bank of Israel Governer Stanley Fischer lowering the interest rate by 0.25 to 0.5%. In addition, Monday was the first day in which the central bank began buying dollars on a daily basis, in accordance with the decision made last week to buy $10 billion over the next two years, and $25 million on average per day.


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