Shekel-dollar rate lowest since October 2008

The shekel-dollar exchange rate fell a further 0.33% in early inter-bank trading today to NIS 3.448/$, its lowest level since October 2008. The shekel-euro exchange rate fell 0.40% to NIS 4.929/€.

The Bank of Israel, led by Governor of the Bank of Israel Prof. Stanley Fischer, did not intervene in the market yesterday, two days after an intervention failed to halt the slide in the exchange rate.