The Bank of Israel said on Monday that it intervened in the foreign exchange market to stem the rapid rise of the shekel, confirming reports earlier in the day currency traders.

The bank didn't give further details, but traders in Tel Aviv and London said the central bank purchased at least $100m. The intervention occurred when the shekel-dollar rate dropped below ILS3.6 per dollar, which many analysts consider a threshold. Within minutes of the intervention, the rate went up to ILS3.62 per dollar. It was steady at ILS3.621 at 1500 GMT.