Lehman Brothers analysts see no immediate end to the shekel's surge against the dollar, Globes business news report.

The analysts, Tolga Ediz, Silja Sepping, and Manik Narain, see "very strong fundamental reasons" for the shekel to strengthen further.

"Much of the shekel’s appreciation has been the result of the dollar’s collapse and a rising rate differential to the US," the added. "At a time when the global economy is under pressure, when Israel’s stock market has outperformed the S&P 500, and when a significant interest rate differential has opened up, Israel looks like a safer investment. We would not be surprised to see local investors bringing back income that they have accumulated abroad. Even a slowdown in these outflows would push the shekel higher, given the existing current account surplus."