Dollar tumbling 1% against the shekel at the Tuesday opening
Exchange rate has dropped to NIS 4.194; From Wednesday the USD has lost 2.3% against the shekel
By Tal LevyThe dollar is sinking by a steep 1% against the shekel on Tuesday morning. Shortly after opening, the exchange rate had retreated to NIS 4.194.
From Wednesday last week, the dollar has weakened by a sharp 2.3% against the shekel.
The euro is down 0.7% against the shekel to 5.718.
Against the euro, the dollar is just one cent away from an all-time low.
One of the reasons for the dollar's weakness is widespread expectations that American interest rates will stay unchanged, while interest rates elsewhere are expected to increase.
This week the Bank of England is expected to raise U.K. interest rates by 25 basis points to 5.75%. The European Central Bank hinted in the past that it will be raising euro-bloc interest rates in July: meanwhile interest on the euro is already at a record 4%. Pundits are looking at a 25-basis points increase.
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