The shekel-dollar exchange rate fell 0.8% to NIS 3.57/$ in morning inter-bank trading and the shekel-euro exchange rate fell 0.2% to NIS 5.19/€. Trading in both currencies has seesawed. The shekel weakened at the opening today, but the direction quickly reversed.
Yesterday's shekel-dollar representative exchange rate was set at NIS 3.60/$, down 0.91% on the day before, and the shekel-euro exchange rate was set at NIS 5.196/€, down 1.4%.
(Update) In today's major interest rate decisions, ECB President Jean-Claude Trichet has kept the euro interest rate unchanged at 4.25%, while Governor of the Bank of England Mervyn King has done the same for sterling rates, leaving the bank's key rate at 5%.
On the domestic front, there was discouraging news, with the Ministry of Finance Accountant General announcing that the government surplus shrank to NIS 200 million in August. The surplus from government activity fell to NIS 2.2 billion in January-August from NIS 7.6 billion in the corresponding period of 2007.
Published by Globes [online], Israel business news - www.globes-online.com - on September 4, 2008
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