The Israeli shekel strengthened against the dollar and euro in Monday afternoon trading, with the Bank of Israel fixing the representative dollar rate at 3.040 shekels, down 0.72%, and the euro at 3.461 shekels, down 0.74%, according to N12 financial reporter Lior Bakalo. The move comes amid expectations of de-escalation in the Gulf.
The shekel strengthened sharply in Monday afternoon trading as expectations of a de-escalation in the Gulf conflict boosted the local currency. The Bank of Israel set the representative dollar rate at 3.040 shekels — a 0.72% drop from the previous fixing — and the euro at 3.461 shekels, down 0.74%. The move reverses recent weakness: the shekel had traded in a wide range over the past month as the Iran-US confrontation escalated, with the dollar fluctuating between 2.965 and 3.049 shekels, as The Zioneer has reported. The current level still leaves the dollar above the symbolic 3-shekel threshold, which it crossed in early July. No further details on the expected Gulf calm were provided by the source.
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