Having already climbed to NIS 4.55, the representative rate of the dollar is set at NIS 4.513, up a whole 0.5% from its rate Friday.

Following the establishment of the representative rate, the dollar went on to trade at NIS 4.5044, meaning in fact that the morning northbound trend of the dollar has changed. The dollar is now 1.1% weaker than its peak morning levels.

Yesterday's trade in dollar options reflected the continued strengthening of the dollar. During the session, the dollar passed the psychological NIS 4.50 level, reaching as high as NIS 4.5550.

At that level the sellers, mostly companies looking to convert their dollars, began flocking in. These sales moderated the dollar hikes, taking the dollar to NIS 4.5250, 0.8% above the last representative rate set at NIS 4.491 Friday.

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Since the 2% interest rate slash the dollar leaped by about 6.9%, or 29 agorot.