Shekel Strengthens as Fighting Continues

Good news for the Israeli economy: the shekel continues to strengthen against the dollar, and the exchange rate is now $1 = 3.85 NIS. The Euro now stands at €1 = 4.12 NIS.

With the continuation of the war against the Hamas terror organization and the actions of the Bank of Israel, the shekel has decreased one agurah under its rate of $1 = 3.86 NIS when the war started and before the terrible massacre. At its peak, the dollar was traded at $4.08 NIS and the Euro at 4.32 NIS ten days ago.

Some of the actions affecting the decline of the dollar exchange rate came from the Bank of Israel, whose governor announced the injection of dollars worth $30 billion into the currency exchange market upon the outbreak of war. Today, the Bank of Israel announced that the bank sold some $8 billion in order to reduce the devaluation of the shekel, which explains the currency’s recovery against the dollar.