Dollar closes down 1.52% at NIS 4.648 Wednesday

The dollar closed 1.52% lower at with a NIS 4.648 representative exchange rate on Wednesday. Earlier, the dollar traded at NIS 4.6470 after sales by local banks.

The representative rate is 2.8% below the record high NIS 4.78 from Tuesday morning.

The dollar weakened at opening under the influence of Bank of Israel Governor David Klein's Tuesday statement that it is impossible to persist with short-term low interest rates when long-term interest rates do not decrease. The governor cautioned the public against dollar investments.

Trade was jittery today, and the dollar traded anywhere between NIS 4.6450 and NIS 4.6950.

The currency market anxiously awaits the Friday publication of the January consumer price index. Economic entities anticipate a 0.8% climb, compared with estimates of a rise of 0.7% to 0.9%. A climb higher than this range could lead to weakening of the dollar against the shekel, due to the probability of increased lending rates.

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