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The shekel is steadily weakening against the dollar, which has gained 0.7% since the representative rate was set Tuesday.

The dollar is trading at NIS 4.716, compared with Tuesday's official exchange rate of NIS 4.695.

Today the dollar crossed the NIS 4.70 resistance level for the first time in a month, dealers say.

The next technical resistance level is at NIS 4.725 to the dollar, says Rafi Cohen, the chief executive of Moritz Tuchler's forex outfit. The nearest support level for the dollar is at NIS 4.675, Cohen adds.

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"I do not believe investors will have much patience to hang onto dollars at the existing interest rate gap," Cohen said the gap being 7.35%. "A customer is paying today interest of 3 agorot for each dollar he holds because of that interest gap. In September, because there are so many Jewish holidays during which there is no trade in the dollar, it isn't a particularly good deal. I think that unless the dollar substantially gains ground shortly, we'll see a lot of sellers in the market."