Bank of Israel Keeps Shekel Appreciation in Check

The Israeli new shekel fell today as the central bank was buying dollars to keep currency’s appreciation in check. The shekel was already weakening on the previous actions of the bank.
According to some traders, the Bank of Israel was buying dollars to push the currency down and help exporters. Exports may fall 3.4 percent in the next year from 3.9 percent in 2013. The central bank has cut interest rates two times last month, sapping the strength of the shekel.
USD/ILS rose from 3.6602 to 3.6724 as of 13:10 GMT today.

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