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Fischer's Buying Binge Boosts Shekel-Dollar Rate
Reported: 09:35 AM - Apr/03/08
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(IsraelNN.com) The shekel-dollar rate soared to 3.567 Thursday morning as the Bank of Israel carries out its plan to buy $25 million worth of dollars every day for the next two years. Bank Governor Prof. Stanley Fischer announced the move in order to weaken the shekel, whose strength is hurting exports.
The shekel-dollar rate last month traded near the 3.35 level, the lowest in 11 years, continuing a rise of more than 20 percent in the past two years.
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