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Foreign currency trading this morning has been very volatile. As trade opened, the dollar traded at NIS 4.44, later rising to trade at NIS 4.4750. It is currently trading at NIS 4.4662, down 0.5% from yesterday's representative exchange rate and down 2% from its peak two days ago of NIS 4.5550.

Trading rooms report normal turnover and that most of the morning selling was done by local banks. "The market is still nervous and sensitive, which is evident in the dollar's high volatility," one trader stated.

Traders also reported that trade is affected by this morning's incident in which terrorists infiltrated an IDF Gaza outpost and opened fire. The incident follows a period of relative calm and could affect foreign currency trade.

Four Israelis, one IDF officer and three soldiers were killed in the incident. The terrorists crossed into Israeli territory at about 5 am, encountering IDF soldiers. A gunfight ensued in which one of the terrorists was killed; the second terrorist was pursued and killed some distance from the original incident.

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