The dollar rate fell 1.69% and completed a drop of 2.9% within two days. The basket currency rate fell 1.95% to NIS 4.609, completing a drop of 3.9% within two days.
The trend of the strengthening of the shekel which started Friday continued today too, with sharp fluctuations during foreign currency tradings. The dollar rate fell 1.69% to NIS 4.188 and completed a drop of 2.9% within two days. The basket currency rate fell 1.95% to NIS 4.609, completing a drop of 3.9% within two days.
The basket currency rate is currently in the center of the fluctuation band, 15.62% above the floor of the fluctuation band. The basket can rise a further 15.34% up to the upper limit of the fluctuation band.
Foreign currency trading in the banks was relatively calm compared to the turbulent trading of last Thursday. However the banks note that today there was lively activity, and demand and supply flowed alternately into trading. Morning trading opening with supply, which was mainly injected by foreign banks, and a drop in the dollar rate which was traded at NIS 4.01, a 3.8% drop against Friday’s representative rate. At 10 am, the trend upturned, following a flow of lively demand for foreign currency, mainly from vehicle importers and fuel companies, which requested to bring forward imports. The dollar rate rose NIS 0.10 compared to the opening rate, and was traded at NIS 4.2. Afterwards there was stability and the dollar rate was traded alternately at rates from NIS 4.16 - NIS 4.19. Sharp drops were also posted in rates of other currencies: the rate of the Japanese yen fell 3.12% to NIS 3.49, completing a drop of more than 6% within two days. The German mark rate fell 2.39% to NIS 2.55 and completed a drop of 5.6% within two days. The Pound Sterling fell 1.9%.
Published by Israel's Business Arena October 13, 1998