Israel Pound Hits New Low on Foreign Exchange Market

The U.S. dollar sold here today for IL 17.86, a 16 percent devaluation of the Pound and the biggest since the exchange rate for foreign currency was left to supply and demand last November. Economists said the spurt in the demand for dollars was the result of large numbers of Israelis going abroad for their summer vacations. Even if many will not make their trips for several months, they are purchasing dollars now at the relatively cheap rate, the economists said.

The Pound Sterling, which sold for IL 30.95 six weeks ago, stood at IL 33.22 today. The Deutschmark sold for IL 8.67 Pounds compared to IL 8.10 in mid-May and the Japanese yen jumped from IL 74 per 1000 yen to IL 87 per 1000.

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