The dollar is down 0.5% against the shekel to NIS 4.5960 at Thursday mid-day.
Trade has been volatile today with the dollar opening weak and crossing NIS 4.60 on the way down, to trade at NIS 4.57.
The banks were behind most of the action, selling after the dollar had reached peak prices.
Traders said that the sales by the banks prompted other traders to follow suit, as well as companies that regularly convert dollars at the end of the month. The traders said that many investors that had long positions had to close positions, which increased the forex supply.
Buyers began injecting Buy orders once the dollar dropped to NIS 4.57, which pushed the dollar back up to its current level.