Shekel split against dollar, euro

The shekel-dollar exchange rate is up, rising 0.9% to NIS 3.81/$, while the shekel-euro rate is down 0.36% to NIS 4.8543/�.

So far in 2008, the shekel-dollar rate has dipped 1.8%. It ended 2007 at NIS 3.846/$, and fell below NIS 3.3/$ in July, before recovering to its current level.

Despite a global economic crisis, foreign direct investment rose in the third quarter, totaling over $2 billion, according to Bank of Israel figures released earlier this week.

On Friday, the Central Bureau of Statistics is to release Consumer Price Index (CPI) data for October. The reading is expected to be negative, and the remaining months of 2008 are expected to post relatively low CPI readings, in line with a slowing Israeli economy.

Yesterday, the representative shekel-dollar exchange rate was set 1.048% lower at NIS 3.776/$, while the representative shekel-euro rate fell 0.52% to NIS 4.872/�.

Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2008