BREAKING NEWS

Dollar weakens against shekel after Fed move

By YAEL GRUNTMAN/ GLOBES

NOVEMBER 4, 2010 13:08

A day after the US Federal Reserve Board announced a $600 billion move to buy bonds in a bid to drive down interest rates and support the US economy, the dollar is stable in global trading and weaker against the shekel.

This is the second such quantitative easing program by the Fed in recent years.The shekel-dollar exchange rate is down 0.55% to NIS 3.593/$, and the shekel-euro exchange rate is up 0.61% to NIS 5.1006/€.

Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.613/$, 0.248% lower than the day before, and set the shekel-euro representative exchange rate at NIS 5.0699/€, 0.265% higher than the day before. The pound was set at NIS 5.8223.

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