Shekel gains slightly on dollar despite rate hike

ISRAEL - The shekel strengthened only slightly on the dollar Monday, despite the Bank of Israel's surprise announcement a day earlier of a sharp hike in interest rates.

Stunning the Finance Ministry, Bank of Israel Governor David Klein on Sunday announced a 1.5 percentage point hike in nominal interest rates, more than two weeks before the next scheduled interest rate announcement (on June 24) and only two weeks after raising interest by 1 percentage point (on May 27).

The dramatic move pushe

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