The dollar is trading at a new 12-year-low at this hour, with currency traders evaluating it at 3.22 shekels. The shekel-dollar rate has dropped a staggering 33 percent in the past two years and 35 percent from its all-time high of 5.00 shekels to the dollar.
The shekel's recent strength is a result of a continuing lack of trust in the dollar and the American economy, which is sinking into a recession. The Bank of Israel has thrown $600 million to the market in an effort to weaken the shekel in order to prevent further erosion in Israeli exports as a result of the lower value in the dollar.