Last update - 00:00 15/01/2008
Plummeting dollar hits 9-year low, drops below NIS 3.7
By Tal Levy, The Marker
The plummeting dollar continued to weaken against the shekel on Tuesday as the representative dollar rate dropped another 0.7 percent and was being traded at NIS 3.698.
The dollar has not reached this low since August 1998 - it has dipped 3.5 percent in the past two weeks alone.
Foreign currency experts explained that Tuesday's drop was spurred by a number of deals that led to the entry of hundreds of millions of dollars to Israel.
On Tuesday, the Central Bureau of Statistics is expected to release the Consumer Price Index for December.
The assessments are that the CPI will put the 2007 yearly inflation rate at 3.2 percent which is above the government's 3 percent inflation target.
Despite this, it appears that the Bank of Israel will not raise interest rates next month.
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