The shekel is strengthening against the dollar on Sunday, as dollar options trade at NIS 4.67, 0.65% or 3 agorot down from Friday's representative exchange rate, NIS 4.70.

Dollar options standards deviations continue to reflect a nervous market. The deviations in the March options series range between 12% and 13%. The standards deviations level is higher than that over three parallel months for the pound sterling (7%) or the euro (8.8%).

The currency market is awaiting the expiry of February dollar options on Monday, and the Bank of Israel announcement on key lending rates for March, also due Monday.

The market is divided about the interest rates. Some players expect 1% hike, others anticipate that interest rates will remain unchanged at 3.8%.

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