The rate is down 0.7% to NIS 4.5863$. The rate against the euro has fallen 0.8% to NIS 3.9625.
Month end currency conversions are sending the shekel-dollar exchange rate below NIS 4.60/$ in morning interbank trading.
The rate has declined 0.7% from yesterday's representative rate of NIS 4.619/$ to NIS 4.5863/$, while the rate against the euro has fallen 0.8% to NIS 3.9625.
Foreign currency traders say that at the shekel-dollar rate's current levels, there are initial signs of foreign currency supply in the market, and that companies are likely to turn to foreign currency financing, which will lead to a strengthening of the shekel as the companies convert these foreign currency sources into local currency. Nevertheless, traders are saying that the potential for depreciation of the shekel has not been exhausted.
Published by Israel's Business Arena on January 31, 2002