Israel's shekel has surged to its strongest level against the US dollar in three decades.
The Bank of Israel's representative rate closed at 3.0680 shekels per dollar, the highest since 1995. This marks an appreciation of approximately 15 percent over the past year.
The rally is fueled by market expectations of an improving geopolitical situation, accelerated postwar economic recovery, and a broadly weaker dollar on global markets.
1 comment:
Everyone loves it when their currency surges but it's not always a good thing. For example, someone paying a mortagage in Israel but living in America now has to pay more each month.
Fun fact: when Israel started, it adopted the British pound as the basis for the new Israeli lira and for the first few days it was 4 US dollars to the lira.
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