Wed, 04 Oct 2023

Israeli shekel hits low against USD in over 3 years

25 May 2023, 02:05 GMT+10

JERUSALEM, May 24 (Xinhua) -- The Israeli shekel against the U.S. dollar has hit a low in more than three years, according to the exchange rates released by Israel's central bank on Wednesday.

The shekel/dollar exchange rate was set at 3.731 shekels per dollar, compared to 3.83 recorded on March 18, 2020.

Since January 25 when the rate stood at 3.37 shekels per dollar, the Israeli currency has experienced a devaluation of 9.7 percent in four months.

Joseph Freiman, CEO of the Israeli financial Prico Group specializing in foreign exchange markets, told Xinhua that the concerns over security escalation and a possible crisis in the negotiations between the coalition and the opposition regarding the planned legal reform led to a rapid depreciation of the shekel against the dollar.

With the well-felt departure of foreign investors from Israel, the ongoing uncertainty in a period of limited foreign exchange supply may result in further sharp fluctuations in the shekel/dollar exchange rate, he warned.

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