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Bank of Israel buying 'hundreds of millions' of dollars

Bank of Israel buying 'hundreds of millions' of dollars

Steven Scheer | Reuters

The Bank of Israel bought "hundreds of millions" of dollars of foreign currency on Monday, dealers said, after the shekel ILS= continued to strengthen for a fifth straight session.

One dealer at an Israeli bank said the central bank started buying at a dollar-shekel rate of around 3.84. The exchange rate, which quickly moved to 3.85, had weakened to 3.90 on June 27 in the wake of the Brexit vote.

The central bank declined to comment.

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