The Israeli shekel’s foreign exchange rate is stable against the US dollar and euro in morning inter bank trading today, amid declines on global stock markets. After losing ground against the world’s major currencies in the morning, the Israeli currency regained its losses shortly after midday.
The shekel to US dollar foreign exchange rate is virtually unchanged, down 0.01%, compared with yesterday’s representative rate, to NIS 3.758/$, and the shekel-euro exchange rate is down 0.06% to NIS 4.927/€.
Asian stock markets fell for the sixth consecutive session today, after Wall Street closed lower yesterday. European markets are opening with losses. Alcoa Inc. (NYSE: AA) opened the reporting season on Wall Street with good results.
In Israel, the Bank of Israel yesterday warned of a budget blowout in 2013, reaching 5% of GDP or NIS 47 billion, due to unfunded expenditures, and said that takes hikes are inevitable.