Daily Israel Report

Dollar Hits Two Year Low Against Shekel

The dollar was traded at 3.5328 NIS Tuesday morning.
By Adam Ross
First Publish: 9/17/2013, 5:05 PM

US dollars
US dollars
Israel news photo: Flash 90

The Dollar has continued to drop in value against the shekel and was traded at a two year low of 3.5328.

The Euro also dropped slightly by 0.35% and was traded at 4.7209 NIS.

The announcement of Larry Summers decision not to stand for the soon to be vacated position of head up United States Federal Reserve caused the weaknenig of the dollar. Summer's had been US President Barack Obama's choice for the position which will become vacant in January.

According to reports on Capitol Hill, Summers looked to be an unpopular choice for both democrats as well as republicans who would have both resisted the appointment.

The news of the strength of the shekel comes a day after Israel's Central Bureau of Statistics revealed that Israel's economy is likely to see an increase of 3.4% this year, which would see Israel's gross domestic product rise above the NIS 1 trillion mark for the first time