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The representative dollar exchange rate was set at NIS 4.6030, a new record. The rate today represents a 0.43% climb from its rate yesterday.

Altogether the dollar is completing an 8.8% rise since rumors of the interest rate chop reached the market about a month ago. Since the representative rate was set, the dollar has gained another 0.1% to NIS 4.607.

The recent rising demand for the dollar began Sunday, after Bank of Israel Governor David Klein stated he wouldn't be surprised to see the dollar climb to NIS 5.

Klein recently said the bank did not have an exchange rate target, and that it will consider either direct or indirect intervention only should devaluation lead to price hikes and affect inflation.

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According to one foreign exchange dealer, Klein's statement had many players rushing to buy greenbacks. He believes the dollar will keep strengthening, but not at a steady rate. "It looks like it will slip to NIS 4.55 before it rises again," he said.

Investment bank Excellence said the devaluation has continued as political tensions continue rising, the market remains stagnant and the Governor makes his doomful statements. Yesterday the governor said he sees no room for concern due to the devaluation so far recorded, and that the bank did not decide at what dollar rate it would step in.