The US dollar and Israeli shekel exchange rate has returned to $1 = ₪3 NIS on Tuesday evening, a level not seen since April. The move follows weeks of shekel weakening amid regional security pressures, and continues the trend The Zioneer reported this week as the dollar approached the psychological threshold.
The dollar-shekel exchange rate has returned to the 3-NIS mark on Tuesday evening, reaching $1 = ₪3 for the first time since early April, according to a single-source report from The Zioneer's trading desk. The move confirms the trajectory The Zioneer tracked throughout the day: the dollar crossed the psychological threshold in morning trading (Tue 10:09 Jerusalem), with markets then seeing the shekel weaken toward the afternoon representative fixing, which the Bank of Israel set at 2.991 shekels (Tue 15:35 Jerusalem). This evening's crossing marks the first time the spot rate has reached the round number since April.
The development is the latest in a multi-week weakening trend The Zioneer has been following since June 8, when the representative dollar rate stood at 2.943 shekels. Over the following week the shekel continued to soften, with the dollar reaching 2.973 shekels on June 10 and 2.991 shekels by the June 15 fixing. A brief strengthening on Monday, attributed by N12 to US-Iran deal expectations, saw the dollar drop to 2.935 shekels, but the trend reversed sharply on Tuesday morning.
Market commentators, as The Zioneer reported, attribute the shekel's sustained weakness to Israel's escalated security posture — particularly on the northern front and in the context of tensions with Iran. The Zioneer's Tuesday morning bulletin (Tue 10:09 Jerusalem) and afternoon fixing report (Tue 15:35 Jerusalem) both noted the dollar's approach to the psychological threshold, which this evening's crossing confirms.
The Bank of Israel's next representative fixing is expected Wednesday afternoon, which will provide the first official reference rate at or above the 3-shekel level. It remains unclear whether the evening spot rate represents a sustained breach or a temporary fluctuation.
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