The shekel to dollar exchange rate hit a 25-year high on Monday, with $1 worth only NIS 3.08 during the day for a brief period of time.
The day closed with a slightly higher rate of NIS 3.11.
The shekel has been increasing in value against the dollar due to Israel’s strong tech sector as well as an increase in foreign investment.
The Bank of Israel made efforts to slow the shekel’s rise on Tuesday by purchasing foreign currency, Globes reported.
Although a strong shekel is advantageous for importers, it negatively impacts exporters as well as tech companies and individuals who receive revenue in dollars.
(YWN Israel Desk – Jerusalem)
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5 Responses
no wonder Efron wanted to be paid in Shekalim rather then dollars…
Efron shoulda insisted on Bitcoin…
Tourism is down.
Should read “Shekel To Dollar Exchange Rate Reaches 25-Year LOW”
I.e. fewer shekalim need to purchase 1 dollar.
Almost all currencies and commodities are going to be increasing in value against the dollar — it’s called hyperinflation.