Shekel falls to lowest level against the dollar in 4 years
Israeli currency weakest in years, business leaders call for full adoption of President's proposal for judicial reform.
Israeli currency weakest in years, business leaders call for full adoption of President's proposal for judicial reform.
War in Ukraine? Israel's security situation? Politics? What's driving the dollar's resurgence against the shekel?
The dollar exchange rate was set at a level of less than NIS 3.09, for the first time since 1996.
With Democrats leading in both Senate runoff races in Georgia, US dollar falls to just 3.18 shekels - lowest level in nearly quarter century
The shekel remained stronger after remarks by Bank of Israel head that the days of the 'cheap dollar' were returning.
US dollar passed NIS 4 level this week, and is likely to keep climbing upward, possibly even surpassing the euro, economic analysts say.
The shekel fell when the Bank of Israel slashed interest rates - and rose again, when the Federal Reserve didn't do anything.
The Bank of Israel in 2014 bought over $7 billion in an effort to prop up the value of the dollar versus the shekel.
The once-mighty shekel is likely to go north of 4 to the dollar by the week's end, and keep falling, as elections fuel economic downturn.
Even a $100 million purchase by the Bank of Israel couldn't prop up the sagging dollar.
The dollar was traded at 3.5328 NIS Tuesday morning.