A day after Governor of the Bank of Israel Prof. Stanley Fischer led another move by the Bank of Israel to intervene in the foreign currency market, the shekel is weakening slightly against the dollar.
The shekel-dollar exchange rate is up 0.18% to NIS 3.7868/$, and the shekel-euro exchange rate is down 0.3% to NIS 5.5149/€.
Following an entire month November when the Bank of Israel did not buy any dollars, the central bank bought $100 million yesterday afternoon, after representative rates were set.
Yesterday, an International Monetary Fund (IMF) report recommended that the Bank of Israel stop intervening in the foreign currency market. The IMF believes that a real appreciation of the shekel is possible, and will continue to be a source of worry.
This evening, the Central Bureau of Statistics will release Consumer Price Index (CPI) figures for November. Capital market estimates are for a rise of 0.3%, bringing inflation over the trailing 12 months to 3.6%, above the upper level of the 1-3% target range.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.78/$, 0.132% higher than the day before, and set the shekel-euro representative exchange rate at NIS 5.5315/€, 0.591% lower than the day before.
Published by Globes [online], Israel business news - www.globes-online.com - on December 15, 2009
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