Despite intervention in the foreign currency market today, in addition to dollar purchases over the past two days, by the Bank of Israel, the shekel continues to strengthen against the dollar and euro.
Today, Governor of the Bank of Israel Prof. Stanley Fischer bought $200 million. Yesterday, after the representative shekel-dollar rate was set, Fischer led a $50-100 million purchase. This followed a $300 million purchase earlier in the week.
The shekel-dollar exchange rate is down 0.37% to NIS 3.7262/$, and the shekel-euro exchange rate is down 0.09% to NIS 5.3613/€.
Foreign currency trading firm Easy-Forex says that as long as the exchange rate does not move above NIS 3.77/$, the rate will be pressured lower. The next support level at NIS 3.70/$.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.74/$, 0.107% higher than the day before, and set the shekel-euro representative exchange rate at NIS 5.3663/€, 0.432% lower than the day before.
Published by Globes [online], Israel business news - www.globes-online.com - on January 7, 2010
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