Last update - 00:00 24/01/2008
Dollar continues to drop, falling another 0.8 percent to NIS 3.680
By Shlomi Shefer, Haaretz Correspondent and Haaretz Service.
The U.S. dollar continued its downward spiral on Thursday, as it fell by an additional 0.8 percent and was being traded at NIS 3.680.
A day earlier, the dollar fell by 2.2 percent.
The recent drops are the lowest since August 1998 - the dollar has dipped 3.5 percent in the past two weeks alone.
Nevertheless, the Tel Aviv Stock Exchange on Thursday recorded a modest rise in rates - between 0.3 percent and 1.3 percent.
According to market estimates, the dollar will continue to fall due to gaps in interest rates.
The Bank of Israel has a current interest rate of 4.25 percent, while the U.S. Federal Reserves' interest rate stands now at 3.5 percent, due to a sharp cut earlier this week.
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