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Last update - 17:19 04/06/2008 Dollar rebounds against the shekel, trading at NIS 3.322 By Tal Levy, Haaretz Correspondent Tags: Israel, Dollar, Euro, Shekel The dollar on Wednesday staged a slight comeback against the shekel, trading at NIS 3.322 after dropping last week to its lowest level in the past 11 years. The greenback's 1.6 percent gain on Wednesday followed the loss of 14 percent of its value in Israel this year. Wednesday's strengthening of the dollar in Israel comes amid its rise against other world currencies in recent days. The greenback is now trading at a level of 1.5432 dollars to the euro. Advertisement Vice President of investments at the Gift Asset Management company, Eran Basson, said the dollar's high fluctuations indicate uncertainty in the market. He also noted that, "The dollar is strengthening in an impressive way against all the leading currencies and also in Israel." "The background of this strengthening was the address [Tuesday] by the U.S. Federal Reserve chairman, Ben Bernanke, who explicitly referred to the weakness of the dollar in the world [and] said that the weakness is liable to increase inflation." The immediate reaction to the address, said Basson, was a prediction that interest rates will be raised in the United States and within minutes of Bernanke's speech the rate of the Euro dropped one percent relative to the dollar. It will be difficult for the chairman to raise interest rates, though, in the near future, Basson asserted, because of the weakness of the American economy. Related articles: Introducing the world's strongest currency: The shekel Dollar at 11-year low vs. shekel Who stands to gain as dollar plunges against the shekel? Jewish Agency budget stung by lower donations, weak dollar Bookmark to del.icio.us   Word wars Hamas reverses effort to improve portrayal of Jews in Palestinian text books. Cyber-pimps beware MK Gal-On's proposed bill would jail 'online brothel managers' for 5 years.

Read & React Olmert to AIPAC: We must stop Iran threat by all possible means Responses: 134 Diplomats: Syria won't let IAEA see 3 alleged nuclear sites Responses: 116 Moshe Arens: A truce in Gaza means victory for the terrorists Responses: 34 Palestinian negotiator: Only miracle can bring peace by year's end Responses: 32 Assad says talks hinge on stability of current Israeli cabinet Responses: 17 Rosner's Domain Americans want talks with Iranian leadership (WTR) Obama leads in Lieberman land (WTR) McCain has been hammering at Obama Guest: Why educate child as Jew when he is not Jewish? Poll: What political option is better for Israel? More Headlines 16:30 Palestinian negotiator: Only a miracle will bring peace by year's end 14:19 Olmert to AIPAC: We must stop the Iranian threat 15:25 Israel eases exit restrictions for 4 of 7 Gaza Fulbright scholars 14:25 Suspected Haredi child abuser Elior Chen turns himself in to Brazilian authorities 14:14 Defense sources: Syria arming Hezbollah, despite peace talks 17:11 Rabbis launch 'prayer for Europe' at EU ceremony 11:36 Obama wins enough delegates to seal nomination, but Clinton won't quit 16:17 Knesset advances bill to make Jerusalem capital of the Jewish people 16:46 Saudi meet aims to launch interfaith dialogue of monotheistic religions 16:34 Knesset bill toughens penalty for attacking medical staff 17:19 Dollar rebounds against the shekel, trading at NIS 3.322 16:18 Ex-finance minister Hirchson indicted for stealing NIS 2 million Previous Editions Select Day 03 jun 02 jun 01 jun 30 may 29 may 28 may 27 may 26 may 25 may 23 may 22 may 21 may

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