FXCM Israel: Estimates are that the Bank of Israel purchased $200 million in foreign currency yesterday.
The shekel is weakening against the dollar and against the euro. In morning inter-bank trading, the shekel was up 0.27% against the dollar from yesterday's representative rate at NIS 3.866/$ and was up 0.35% against the euro at NIS 4.306/€.
Yesterday, the Bank of Israel set the shekel-dollar representative rate up 0.312% today compared with Friday's rate at NIS 3.856/$, and the representative shekel-euro rate was set up 0.480% at NIS 4.291/€.
FXCM Israel said in its morning survey, "The shekel-dollar exchange rate continues to tread water around the NIS 3.85/$ mark with thin trading on global markets due to the US Independence Day holiday. The US market returns to action today with volatility again expected. Estimates are that the Bank of Israel again intervened on the foreign currency market yesterday to purchase $200 million in foreign currency. However, even on thin trading the intervention did not have any major impact in the movement of the two currencies. More importantly, the bank strenuously denied reports that it had stopped such interventions in foreign currency trading."
Published by Globes [online], Israel business news - www.globes-online.com - on July 5, 2016
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