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Article: Shekel appreciates to central bank limit

Article from:
Jerusalem Post
Article date:
August 28, 1996
Author:
Copyright

Jerusalem Post Staff
Jerusalem Post
08-28-1996
THE shekel yesterday appreciated to a level which is a mere 0.04 percent above the limit set by the Bank of Israel's so-called "diagonal line" mechanism.

The central bank is committed to preventing the shekel from appreciating or depreciating more than 7% away from a middle point drawn from a weighted value of the world's five leading currencies which graphed over time creates a diagonal line.

The shekel traded in inter-banking yesterday at 3.137 to the dollar, a 0.13% appreciation in comparison with the previous trading day. Against the central bank's basket of currencies the shekel stood at 3.5385.

Currencies ordinarily appreciate in ...

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