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Today's representative exchange rate was set at NIC 4.507, up 0.44% on yesterday's rate. The dollar has continued to climb since the rate was set, and is now trading at NIS 4.52, a 0.3% gain over the official representative exchange rate. Market sources estimate the gain is due to the banks buying dollars.

December's Consumer Price Index published today, dropped 0.1%. Economists did not expect the current devaluation to be evident in December's CPI, although they expect the shekel devaluation to result in high positive CPI's for January and February.

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