After the representative rate was set yesterday at a record NIS 4.61/$, the shekel is recovering to around NIS 4.57/$. Dealers say volumes are not high, and trading is calm.
The shekel opened trading on the foreign exchange market by strengthening against the US dollar, after the rate reached the strong resistance level of NIS 4.61/$ yesterday. The shekel is currently trading against the US currency at around the NIS 4.57/$ level, which represents a fall in the rate of some 0.8% from yesterday’s representative rate, which was set at NIS 4.603/$.
The shekel is also strengthening against the euro, and the representative rate is currently fluctuating around NIS 4.027/€, some 1.2% lower than yesterday’s representative rate.
Bank dealing rooms report that, despite the high levels which the shekel/dollar rate has reached in recent days, there has been no corresponding rise in the volume of trading. “Contrary to the screaming headlines in the newspapers, the public is fairly calm,” traders say.
Published by Israel's Business Arena on January 24, 2002