Last update - 00:00 31/01/2008
Shekel hits 10-year high against dollar as U.S. interest rates cut
By Shlomi Sheffer, TheMarker Correspondent
The dollar on Wednesday hit a 10-year low against the shekel, following the U.S. Federal Reserve's second reduction of interest rates within a week.
The dollar dropped an additional 1 percent on Wednesday and was being traded at NIS 3.61.
Since Israel's interest rates are expected to remain unchanged, the dollar's ongoing downward spiral is likely to continue.
The brokerage firm Finotec told Haaretz that when further reductions of U.S. interest rates ensue, the dollar may reach NIS 3.55.
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