The Bank of Israel bought tens of millions of dollars today.
The shekel continues to strengthen, even as the Bank of Israel bought tens of millions of dollars this afternoon to stem the trend. Capital market sources told "Globes" that today's purchases were mostly a signal to the market of the seriousness of the Bank of Israel's foreign currency purchasing policy.
The shekel-dollar representative exchange rate was set at NIS 3.596/$, 0.06% lower than yesterday, and the shekel-euro representative exchange rate was set at NIS 4.715/€, down 0.41%.
Clal Forex said today, "The shekel is continuing to strengthen because of the dollar's weakness on global markets. The Bank of Israel might intervene if the shekel-dollar exchange rate falls to NIS 3.55/$. Foreign currency trading will probably be fairly calm because of Christmas."
Published by Globes [online], Israel business news - www.globes-online.com - on December 22, 2010
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