Dollar at new high against Shekel

The U.S. dollar reached a record high against the Israel shekel Friday, with the representative rate set at $1=NIS 4.799. The new rate represents a devaluation of 0.714 percent in the Israeli currency, compared with the rate set on Thursday (NIS 4.765).

Friday's devaluation stems in part from the decision by Standard and Poor's to downgrade Israel's credit rating from 'stable' to 'negative'.

"The decision reflects growing fiscal and economic pressures on Israel as a result of the continued recession and the tense security situation in the country," said an S&P credit analyst.