The shekel is strengthened against the dollar today, despite more foreign currency market intervention by the Bank of Israel. Market sources beleive that the Bank of Israel bought $100 million today. The dollar's weakness against the shekel is in contrast to the dollar's strength against most currencies.
The shekel-dollar exchange rate is down 0.51% to NIS 3.729/$, and the shekel-euro exchange rate is down 0.13% to NIS 5.0941/€. On global markets, the dollar is about 0.1% stronger against the euro.
The shekel-dollar rate rose above the NIS 3.8/$ level at the end of February, and has fallen about 1.8% since then. Traders pointed to NIS 3.75/$ as a technical resistance level, but that was breached. Earlier this week, Deutsche Bank chief currency strategist Bilal Hafeez told "Globes" that the bank is holding long positions on the shekel.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.748/$, 0.478% lower than the day before, and set the shekel-euro representative exchange rate at NIS 5.1005/€, 0.162% lower than the day before. The shekel-pound rate was set at NIS 5.5988/₤, down 0.676%.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2010
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