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The dollar is once again gaining strength, and rose another 0.3% against the shekel on Friday to a representative rate of NIS 3.592. Over last week, the dollar was up by over 2%.

Bank Hapoalim analysts said the dollar rose last week despite the announcement of higher interest rates for September by the Bank of Israel, partly because the central bank continued to buy large amounts of foreign currency. Hapoalim says the interest rate rise was expected, and therefore already priced into the dollar rate.

Hapoalim emphasized that changes in the dollar-shekel exchange rate would continue to be influenced by events in financial markets around the world.

Bank Leumi economists wrote that they expected the dollar to continue to strengthen.