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The dollar continued to make gains on Friday and was being traded between banks at a rate of NIS 4.491 at the end of the day. This is a 0.5 percent increase in comparison to the representative rate set Thursday.

After a stormy trading session on Thursday, the dollar closed at NIS 4.473, an additional 0.8 percent increase over the previous day's trading.

The dollar is being strengthened by large-scale transfers of savings from shekels into mutual funds specializing in foreign currency. Institutional and foreign investors are shifting away from shekel accounts that until two weeks ago earned a hefty yield with little risk.

According to data released by the financial research firm Meitav, some NIS 2-2.5 billion has moved away from the shekel in the last two weeks, indicating that individuals are also taking part in the shift.