The Israeli shekel strengthened against major currencies in Thursday afternoon trading, with the Bank of Israel fixing the representative dollar rate at 3.032 shekels, down 0.39%, and the euro at 3.464 shekels, down 0.20%, according to financial reporter Lior Bakalo. The move comes as fighting resumes in the Persian Gulf.
In Thursday afternoon trading, the Israeli shekel strengthened against the dollar and euro, with the Bank of Israel fixing the representative dollar rate at 3.032 shekels, down 0.39%, and the euro at 3.464 shekels, down 0.20%, according to financial reporter Lior Bakalo. The move reverses the weakening trend seen earlier this week, as fighting resumed in the Persian Gulf. The fixing came at 15:41 Jerusalem time.
The shekel had weakened in the preceding days. On Wednesday, July 8, at 11:42 Jerusalem, The Zioneer reported that the shekel had weakened past 3.05 per dollar following remarks by US President Donald Trump, citing N12. Later that Wednesday, the Bank of Israel fixed the dollar at 3.044 shekels and the euro at 3.471 shekels, as The Zioneer reported, initially citing N12 and later financial reporter Lior Bakalo. On Tuesday, July 7, the dollar had crossed back above the symbolic 3-shekel threshold, fixing at 3.029 shekels, as The Zioneer reported on Tuesday at 15:31 Jerusalem.
The shekel's weakening earlier this week was attributed to the escalation in the Persian Gulf. As The Zioneer reported on Wednesday, the fighting resumed and continued to pressure the local currency. The shekel had also weakened in late June, crossing past 3 per dollar on multiple occasions, as The Zioneer reported on June 26 and July 2.
It remains to be seen whether the shekel's strengthening will persist, given the ongoing volatility in the Gulf and the potential for further escalation. The currency has been sensitive to geopolitical developments, and traders will be watching for any new signals.
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