And on global markets, the euro has fallen to a nine-year low against the dollar of less than $1.20 to the euro.
The US dollar strengthened against the world's major currencies today (Monday), and the shekel also opened lower against the dollar.
The shekel is trading down almost 1 percent against the greenback at 3.9456, while the shekel is up marginally against the euro at 4.7123 shekels to the European currency.
"The expectation is that the shekel-dollar exchange rate will continue to rise in 2015," wrote FXCM Israel in a market review cited by the Globes financial daily.
"Analysis of the long-term technical trend indicates that a rise above 4.1/$ will pave the way towards NIS 4.27/$ and NIS 4.36/$. All the same, as long as we are below the NIS 4.1/$ level, the possibility exists of a technical correction that could lead the pair towards NIS 3.80/$."
"What could spoil this scenario is a worsening of sentiment on world markets," FXCM Israel added. "If the problems surrounding the drop in the oil price, the collapse of the Russian economy, or debt problems in the euro bloc, drag markets downwards and hurt global growth forecasts, investors can be expected to reduce exposure to the dollar and raise holdings of more solid currencies, chiefly the yen. Similarly, if the Bank of Israel changes tack on monetary policy and starts raising its interest rate, this will aid a recovery of the shekel."
The shekel weakened 12% against the dollar in 2012, but gained 1.2% against the euro over the past 12 months. The shekel-dollar exchange rate opened 2014 at NIS 3.47/$, while yesterday the Bank of Israel set the shekel-dollar representative exchange rate at NIS 3.889/$. The Bank of Israel set the shekel-euro representative exchange rate at 4.725/€, down 0.56%.
