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Dollar rising to NIS 4.57, en route to NIS 4.6

Public interest in the dollar is re-awakening

Trade in the foreign exchange market opened with the dollar at NIS 4.557, but in no time lively demand raised it to an all time high of NIS 4.57, 0.37% higher than the representative rate set yesterday at NIS 4.553.

Dealing rooms are reporting particularly high demand from local banks, and foreign investors are estimated to join the rally in the next few hours.

The mutual funds sector is reporting renewed public interest in investing in the foreign currency market, and the relevant funds are estimated to raise new funds in the next few days.

According to dealers, the recent rises in the dollar to the peak levels of NIS 4.56 was the result of Klein's declaration he will not raise the interest rate soon, nor will he be taken aback by a dollar rate of NIS 5. "Such a statement is like a buy recommendation for the dollar," said one dealer.

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According to the head of the foreign exchange department at Bank Hapoalim, the dollar is now heading towards NIS 4.6, having crossed the NIS 4.555 barrier yesterday.