The shekel is stronger against the dollar and euro in foreign currency trading today.
The shekel-dollar exchange rate is down 0.17% to NIS 3.7008/$, and the shekel-euro exchange rate is down 0.67% to NIS 4.9244/€.
In the afternoon, both the Bank of England and the Central European Bank are expected to report interest rate decisions, with both central banks expected to leave rates unchanged.
Online foreign currency trading firm Easy Forex says that if the exchange rate holds above NIS 3.70/$, it can support a move to break through a technical resistance level of NIS 3.75/$.
Bank of Israel figures released yesterday showed that Israel's foreign currency reserves rose in March, but not mostly due to dollar purchases by the bank. While the bank did buy about $500 million in the month, most of the $1.74 billion rise in foreign currency reserves came from the Treasury's €1 billion euro denominated bond issue. At the end of March, foreign currency reserves were $62.4 billion.
Yesterday, the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.707/$, 0.189% higher than the day before, and set the shekel-euro representative exchange rate at NIS 4.9577/€, 0.04% lower than the day before.
Published by Globes [online], Israel business news - www.globes-online.com - on April 8, 2010
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