Israeli shekel's value declines to lowest record against USD in nearly 3 years

  • World
  • Wednesday, 22 Feb 2023

JERUSALEM, Feb. 21 (Xinhua) -- The value of Israel's currency shekel on Tuesday fell to its lowest record against the U.S. dollar in nearly three years, according to exchange rates issued by Israel's central bank.

The shekel's exchange rate against the dollar was set at 3.649 shekels per dollar, compared to the rate of 3.658 recorded on March 24, 2020.

On Jan. 25, 2023, the exchange rate was set at 3.37 shekels per dollar. Since then, the shekel has been devalued by 7.6 percent in less than a month.

"The shekel's devaluation is probably related to the approval of the first part of the juridical reform in the Israeli parliament on Monday night," Sonia Gorodeisky, chief financial editor at Israel Hayom daily newspaper, told Xinhua.

"The reform and the political uncertainty surrounding it cloud the general sentiment in the market which prefers certainty and broad consensus," she explained.

Another reason for the strengthening of the dollar is the expectation of continued interest rate hikes in the United States to levels of 5.25 to 5.5 percent, said Gorodeisky.

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