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Last update - 11:38 12/03/2008 Dollar falls to 10-year low against shekel, trading at NIS 3.515 By Tal Levy and Nathan Sheva, TheMarker Tags: Israel, Currency, Dollar  The dollar continued to tumble against the shekel on Wednesday, after it fell by 1.73 percent on Tuesday to an official exchange rate of 3.515, dropping to its lowest point in more than 10 years. Tuesday's drop caps a decline by the dollar of 8.6 percent since the beginning of the year. The last time it traded this low was in December 1997. It may be hard to discern the trend on a day-to-day basis, but seen from the start of the year, it's impossible to miss the fact that the dollar is continuing to dive. This fall harms manufacturers who are paid in the United States currency for their exports, for which in turn they receive fewer shekels. Advertisement Bank of Israel Governor Stanley Fischer's decision in late February to lower interest rates by 0.5 percent stemmed in part, at least, from considerable pressure by representatives of manufacturers over this point. On the eve of Fischer's move, the dollar was traded at 3.58 shekels. However, the interest rate reduction only assisted for a short amount of time, and since then the dollar has continued to fall, now to a point 1.8 percent below what it was when Fischer lowered the rates. Gift Asset Management chief economist Eran Basson suggested that even an exchange rate of NIS 3.50 isn't the bottom. "The level of 3.50 shekels... is a nice round number but nothing more than that," Basson said. Related articles: Our Dutch disease Dollar rebounds on rate cut Israelis can soon travel the world with shekels in their pockets Bookmark to del.icio.us   Bring down the house Knesset speaker calls for wrecking of yeshiva killer's family home. Frum and fabulous Beauty salons offer Haredi women a unique brand of modest glamour.

Today Online Hamas-Israel deal would put Abbas' men at Gaza crossings Responses: 32 Qureia to Livni: PA 'shocked' at plan to expand settlement Responses: 40 Pro-Palestinian graffiti found inside El Al plane in Italy Responses: 23 Peres sees 'unparalleled' French-Israel relationship Responses: 13 Uzi Benziman: Wishing for a leader like Ronald Reagan Responses: 4 Israel Harel: The third Intifadfa is already here Responses: 1 Rosner's Domain Israeli leadership: A mixture of paranoia and luck Poll: Cease-fire with Hamas, a good idea? How Qassams changed the conflict (WTR) Study: Boston's intermarried 'as observant' as Reform Jews Whose Jerusalem Is It, anyway? More Headlines 09:38 Hamas-Israel deal would put Abbas' men at Gaza crossings 10:14 Australian parliament lauds Israel as 'custodian of freedom' 11:20 Israel to ban Al-Jazeera TV over alleged incitement to terror 11:35 Jihad vows 'deep retaliation' after militant killed in W. Bank raid 06:38 At state dinner with Sarkozy, Peres sees 'unparalleled' French-Israel relationship 09:45 U.S. Mideast army chief quits after 'opposing attack on Iran' 08:11 Qureia to Livni: PA 'shocked' at Israeli plan to expand settlement 10:47 The Bard behind bars 11:38 Dollar falls to 10-year low against shekel, trading at NIS 3.515 09:55 Obama snags black vote in Mississippi, beating out Clinton 10:02 Pro-Palestinian graffiti found inside El Al plane in Italy 08:44 Police officers slam Jerusalem chief's ignorance about yeshiva attack 09:42 MK Orlev: Reports of yeshiva revenge plot 'malicious slander' 11:22 Police detain 30 suspects in alleged nation-wide pedophile ring 09:16 Calls mount for N.Y. Governor Spitzer to resign over sex scandal Previous Editions Select Day 11 mar 10 mar 09 mar 07 mar 06 mar 05 mar 04 mar 03 mar 02 mar 29 feb 28 feb 27 feb

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