Dollar trades at under NIS 3.70, TASE slumps - Israel Business, Ynetnews

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Dollar trades at under NIS 3.70, TASE slumps

American currency continues to devalue, trades at NIS 3.6956, TASE sluggish

Ze'ev Tomer Kornfeld
Published: 01.15.08, 12:50 / Israel Business

The US dollar exchange rate continued to drop Tuesday, plummeting 0.79% to NIS 3.6956. This after the currency lost 1.32% of its value Monday, hitting a nine year low of NIS 3.752.


The Euro exchange rates also dropped Tuesday with the currency trading at NIS 5.4902.


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An economist from the Finotec Group predicted on Tuesday that the dollar would soon trade at the bottom-of-the-barrel rate of NIS 3.65.


“Anticipated sharp interest rate hikes are strengthening the shekel. The Israeli currency has gained some 3% in value on its American counterpart since the beginning of 2008, adding to an overall increase of nearly 10% in 2007 resulting from the global devaluation of the dollar.


"The Bank of Israel raised interest rates by 0.25% in December 2007, bringing overall rates to 4.25%. An additional interest rate hike of close to 0.25% is expected for January as well,” he noted.


The Tel Aviv Stock Exchange began its trading day Tuesday with slight gains, but ultimately registered loses on most major indices. The TA-25 dropped by 0.17% to reach 1,168.51 points and the TA-100 also dropped by 0.24% to get to 1,102.21 points.


The Tel-Tech dropped 0.93% to reach 312.47 points.


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