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Last update - 23:53 30/05/2008 Shekel continues to soar against Dollar, Euro By Yael Pollak, Nathan Sheva and Yuval Maoz, Haaretz Correspondents Tags: economics, euro, dollar, NIS The United States Dollar continued to depreciate against the New Israeli Shekel Friday, pushing the representative currency exchange rate down another 0.88 percent to NIS 3.233 per U.S. Dollar. This is an over 11-year low - the last time the greenback saw these levels was January 1997. The Euro also lost ground against the Shekel, and the European currency's representative rate fell a steep 1.356 percent Friday to NIS 5.0048 per Euro, dropping it to a 5-year low against the shekel - its lowest level since January 2003. Since the begining of 2008, the Shekel has gained 15% against the U.S. Dollar, and slightly more against the British pound and the Canadian Dollar. Advertisement It is up 8% versus the Swedish Kroner and has picked up 24% against the South African Rand. A week ago the president of the European Central Bank, Jean-Claude Triche, praised the euro to the Wall Street Journal, saying the European currency would provide price stability in the medium-term. The Euro is certainly a strong and important currency, and has been flexing its muscles against the Dollar in recent years. But even the powerful Euro has had a hard time competing with what has become probably the strongest currency in the world since the beginning of 2008: the Israeli Shekel. The figures speak for themselves: Since the start of the year, the Shekel has strengthened against the euro by 9%. Even compared to the currencies of countries rich in natural resources and raw materials, such as Australia and Canada, it has done well. One opinion is that the shekel will continue to gain in the next few months against the dollar and euro, at least until the November elections. The real question is, which elections - those in America or maybe those here in Israel? Bookmark to del.icio.us   Bad immigrant Hezbollah spy said he acted as a 'Lebanese patriot and a Muslim.' When (he's) in Rome Israel to launch PR campaign against Ahmadinejad visit to UN summit in Rome.   1.   A rather naive article 03:31  |  Axel 31/05/08   2.   #1 - Axel is right 06:44  |  Eric 31/05/08   3.   Oh well 07:48  |  Colin Wright 31/05/08   4.   #1 and #2 Your Correct 08:08  |  James 31/05/08   5.   No no no - bb the great has saved the world economy 09:03  |  Bob 31/05/08   6.   Shekel uber alles! 10:13  |  S 31/05/08   7.   Is that good or bad? 14:48  |  Mark B. 31/05/08   8.   Euro-Shekalim next Month 13:02  |  sl 01/06/08

Read & React Hezbollah: We handed bodies of fallen IDF soldiers to Red Cross Responses: 53 Barak and Olmert delay cabinet vote on Gaza Strip cease-fire Responses: 30 Israel urges EU: Show 'caution' in contacts with Damascus Responses: 22 Olmert: I won't block primaries; Kadima seeks early vote Responses: 17 Former minister and journalist Yosef Lapid dies at 77 Responses: 22 Rosner's Domain The next seven months in the Middle East Will the international community abandon Lebanon? Poll: What political option is better for Israel? The J Street test for Congress members Senior advisor to presidential candidate: get used to nuclear Iran (WTR) More Headlines 13:16 Hezbollah: We handed over bodies of fallen Israeli soldiers 12:53 Cabinet minister and journalist Yosef Lapid dies aged 77 13:21 IDF soldier moderately wounded by Palestinian fire in south Gaza 11:26 Israel to build over 800 new homes in East Jerusalem areas 10:39 Report: Livni hunted Palestinian terrorists for Mossad in Europe 09:58 Olmert: I won't block primaries; Kadima seeks early vote 12:48 Experts fear nuclear know-how circulating on black market 09:10 Obama quits his church over pastor's racially charged views 08:02 Barak and Olmert delay cabinet vote on Gaza Strip cease-fire 08:28 Israel urges EU: Show 'caution' in contacts with Damascus 07:47 Arab birth rate on decline in Jerusalem 09:19 Education Minister comes up with booster plan for Arab schools 11:17 French court annuls Muslim's marriage because wife not a virgin Previous Editions Select Day 30 may 29 may 28 may 27 may 26 may 25 may 23 may 22 may 21 may 20 may 19 may 18 may

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