The shekel is unchanged against the dollar, but strengthening against the euro in morning inter-bank trading today. The shekel-dollar exchange rate is unchanged, compared with Friday's representative rate, at NIS 3.682/$, and the shekel-dollar exchange rate fell 0.14% to NIS 5.02/€.
In international markets, the dollar is traded at $1.36/€ against the euro and at ¥92.65/$ against the yen.
"On Friday, speculative trading reached new heights and the dollar was traded at NIS 3.66/$ against the shekel in New York," says Energy Finance CEO Yossi Frank. "The new/old rules of the game dictated by the players who recently returned to the market during times when trading is thin have a strong effect, forcing the Bank of Israel to consider how to respond."
Prico CEO Yossi Fraiman believes that the Bank of Israel will have soon have to intervene in the market. "We expect to see the Bank of Israel resume dollar purchases when the exchange rate hits NIS 3.60/$. The central bank is already preparing to intervene in the foreign currency market, and it cannot be ruled out that we will hear preliminary remarks from it to this effect, in order to maintain the positive effect obtained in keeping the trading conditions created in previous interventions, and in order to stabilize the shekel against leading currencies and help exporters."
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013