Shekel firm on tiny turnover

The shekel-dollar rate is standing firm at the start of Wednesday trade, with the dollar down 0.05% from its representative rate of Tuesday, NIS 4.705. Yesterday the dollar seesawed within a range of NIS 4.71 to NIS 4.687. Dealers describe trade as calm this morning.

Figures from the Bank of Israel and dealing rooms show that trading volumes have plunged in recent days. The daily volume in the spot market has dropped to a mere $600 million, compared with $800 million in recent weeks.

Dealers say that the stability of the shekel-dollar rate is discouraging speculation, hence the drop in volumes.

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