ISRAEL/JERUSALEM: ISRAEL'S SHEKEL OPENED HIGHER AGAINST DOLLAR BOOSTED BY CABINET APPROVAL OF A U.S.-BACKED "ROAD MAP"

Record ID: 400876

  • Title: ISRAEL/JERUSALEM: ISRAEL'S SHEKEL OPENED HIGHER AGAINST DOLLAR BOOSTED BY CABINET APPROVAL OF A U.S.-BACKED "ROAD MAP"
  • Date: 26th May 2003
  • Summary: (EU) TEL AVIV, ISRAEL (MAY 26, 2003) (REUTERS - ACCESS ALL) 1. SLV EXTERIOR OF TRADING ROOM 0.07 2. SLV/MCU/CU TRADERS WORKING (3 SHOTS) 0.22 3. CU COMPUTER SCREENS WITH FINANCIAL DATA 0.27 4. CU OF STATISTICS 0.35 5. MCU (English) HEAD TRADER AT HA-POALIM BANK SAYING: "Right now the Israeli economy is still undergoing the w
  • Embargoed: 10th June 2003 13:00
  • Keywords:
  • Location: TEL AVIV, ISRAEL / JERUSALEM
  • City:
  • Country: Israel
  • Reuters ID: LVA9F7Z4DSG5HC3A0LOPT20LZXDU
  • Story Text: Israel's shekel opened higher against the dollar,
    boosted by cabinet approval of a U.S.-backed "road map" that
    includes a call for a Palestinian state. The Tel Aviv Stock
    Exchange also rose by 7% yesterday and is expected to make
    more gains today.



    The Tel Aviv bourse rose around seven percent on
    exceptionally high turnover after the cabinet approved the
    road map and the stock market was expected to make more gains
    on Monday (May 26).

    The cabinet approval on Sunday (May 25) set the stage for
    a possible Israeli-Palestinian summit attended by United
    States (U.S.) President George W. Bush, who had pushed Sharon
    to accept the most ambitious Middle East peace plan in years.

    Traders in Tel Aviv say that it is the security concerns
    in Israel that have caused the massive rescission in Israel
    "Yesterday's decision by the government to go along with
    the 'road map' was a clear indication that now there is a
    credible possible that there will be an improvement in the
    near future, and therefore we might very well see the Israeli
    economy rebound" said Nadin Trajtenberg, the chief trader at
    Israeli Ha-poalim Bank.

    Israel's shekel opened higher against the dollar on Monday
    (May 26), boosted by cabinet approval of a U.S.-backed "road
    map" that includes a call for a Palestinian state and
    expectations parliament will approve budget cuts, dealers
    said.

    After opening close to 4.42 per dollar, the shekel was
    trading at 4.4325 to the dollar at 0705 GMT, compared with its
    representative, or official, rate of 4.454 on Friday.

    But residents in Jerusalem were not buoyed by rising
    markets.

    "I think it is a worst thing we ever did today. There is
    no way, it is very very difficult to have peace with Arabic
    people and I don't know, it is like having so many pressures
    from the United States that we are not doing what we really
    want to do," said one unidentified resident sitting at a cafe.

    "It seems to be a nice opportunity for peace but nobody
    really I think really wants this, so much," said another as he
    stopped his bike in the square.

    "There will never be peace with Arabs. Never. This is my
    opinion, Sorry," added one woman who passed through the busy
    square.




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