The shekel weakened against the US dollar in foreign exchange trading today. The representative rate was set this afternoon at NIS 3.4340/$, 1.059% above Friday's rate.
Against the euro, the shekel strengthened by 0.621%, to NIS 4.8366/€. Fears of a worsening financial crisis in Europe are thought to be behind the weakening of the euro.
"Once the markets calm down a over the debt crisis in Europe little in the next few weeks, which will strengthen the euro and weaken the dollar, the shekel can be expected to resume its appreciation against the latter," Bank of Jerusalem says in its weekly market survey. The bank sees the shekel-dollar rate in the NIS 3.371-3.422/$ range this week.
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