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Last update - 15:10 17/06/2008 Dollar plummets 2.8 percent, trading at NIS 3.338 By Tal Levy, TheMarker Tags: Dollar, Euro, Israel, Shekel The dollar plunged in Israeli foreign exchange trading Tuesday, losing 2.8 percent to trade at NIS 3.338. Since the start of the year, the dollar has lost 13 percent of its value relative to the shekel. " Advertisement The great fall of the dollar started yesterday afternoon and evening, when investors, most of whom were at a long position [expecting the dollar to strengthen] 'cut' their position when they saw the dollar beginning to collapse," said Dror Sachs, manager of the foreign exchange trading room at the First International Bank. "Many players also thought the dollar could reach a level of NIS 3.5, however, the rise stopped at around 3.42, and stop-loss orders were initiated," said Sachs in a reference to orders for forex sales at a specific level in order to minimize losses. The erosion of the dollar's value is not unique to Israel. In recent hours the dollar has been sliding throughout the world. "It's true that over the past week the head of the U.S. Federal Reserve [Ben Bernanke] said that the dollar is too weak. Until now, however, it's been said in words only, and not in action," said Sachs. "At the same time the head of the European Bank declared that the bank was worried over inflation, and this is being interpreted as a hint of rising interest rates in Europe, something that is strengthening the euro and weakening the dollar." Related articles: NGOs downsizing projects, dismissing staff as dollar drops Tourism beats the dollar: 2008 sees a 9% growth Treasury buying up cheap dollars Dollar rebounds against the shekel, trading at NIS 3.322 Bookmark to del.icio.us   Nazi hunted Nazi sheltered by Austria seen enjoying Euro 2008 games. Battle of the attitude An 'Israeli au pair' seems to be the ultimate oxymoron.

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