The U.S. dollar continued its downward spiral against the New Israeli Shekel (NIS) Friday, falling 2% to the exchange rate of 3.47 NIS to the dollar.

The Euro also fell Friday, dropping 1.5% against the shekel, to the exchange rate of NIS 5.166 to the Euro.

Trade between the Bank of Israel and the Federal Bank of the United States also fell Friday, by 1.86%.

In mid-July, the Bank of Israel shocked foreign currency markets into an about-face by increasing its daily dollar purchases to $100 million a day, up from $25 million.

The dollar rose 5% against the shekel within minutes of the announcement.

Before the surprise announcement, the dollar was falling sharply against the shekel and had lost 0.9% to NIS 3.201, its lowest level in 12 years. Within a minute of the announcement it was up 5 agorot, and continued rising.