Bank of Israel buys $100m

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Bank of Jerusalem foreign currency manager Eitan Admoni believes the shekel will continue to strengthen against the dollar to NIS 3.75/$.

Bank of Israel has resumed its intervention in the foreign currency market and purchased $100 million. In foreign currency trading today the shekel strengthened by 0.26% and the representative rate was set at NIS 3.769/$, while the euro strengthened by 0.04% against the shekel to NIS 4.925/� on a volatile day. On world markets the dollar weakened against the euro and sterling after the disappointing GDP figures published at the end of last week.

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Bank of Jerusalem, foreign currency manager Eitan Admoni believes that the shekel will continue to strengthen against the dollar to NIS 3.75/$. In Admoni's opinion, the rate will fall even lower and a more aggressive intervention by the Bank of Israel may be seen. Bank of Israel purchases of the dollar last week were negligible. Admoni sees the shekel-dollar trading range this week between NIS 3.751/$ and NIS 3.815/$.

Published by Globes, Israel business news - www.globes-online.com - on August 2, 2010