Psagot analysts claim that a Bank of Israel foreign currency purchase program may not continue to the end.
The shekel-dollar and shekel-euro exchange rates continued yesterday's move and rose again today. The shekel-dollar representative exchange rate was set up 0.46% to NIS 3.468/$, and the shekel-euro exchange rate rose 0.78% to NIS 5.5176/€.
The representative exchange rates were set at 12:30 today, and will continue with that schedule for the entire week of Passover.
According to analysts at Psagot Investment House Ltd., there is a chance that the foreign currency purchase plan inaugurated last month by the Bank of Israel will not continue at its current announced pace of about $25 million per day. If the shekel weakens, the Bank of Israel may suspend or even cancel its program.
Yesterday, the shekel-dollar representative exchange rate was set up 0.79% to NIS 3.452/$, and the shekel-euro representative exchange rate was set 0.23% higher, at NIS 5.475/€.
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2008
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