Israeli shekel strengthens 7.5 pct against USD in 2020

JERUSALEM, Dec. 29 (Xinhua) -- The Israeli currency, shekel, has increased nearly 7.5 percent against the U.S. dollar since the beginning of 2020, according to the representative exchange rates issued by Israel's central bank on Tuesday.

This follows a 7.2-percent appreciation of the shekel against the dollar in 2019.

The representative exchange rate of the dollar against the shekel decreased in nine of the last 10 foreign exchange trading days.

The dollar's exchange rate against the shekel declined to 3.212 shekels on Tuesday, the lowest since October 1996, when the rate was set at 3.203 shekels.

The continued decline of the dollar exchange rate against the shekel has not halted despite massive intervention by the central bank, which this year purchased about 20 billion dollars in the forex market, a significantly higher amount than previous years.

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