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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| Lehman Brothers Bank: Israeli economy will be strong in 2008 / Tomer Cornfeld |
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American investment bank publicized its 2008 economic forecast. Israel’s fiscal growth to drop from 5.4% in 2007 to 4.3% in 2008. Bank estimates dollar exchange to stand at 3.75 NIS at end of 2008 |
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“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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