The Israeli shekel weakened to 3.05 per dollar on Friday, the highest level since last April, as the escalation between the US and Iran continued to weigh on the currency. The Bank of Israel's representative rate was fixed at 3.05 shekels, according to N12 financial reporter Yuval Shadeh.
The Israeli shekel weakened to 3.05 per dollar on Friday, the highest level since last April, as the Bank of Israel fixed the representative rate at 3.05 shekels, according to N12 financial reporter Yuval Shadeh. The move came as the forex trading week closed, with the dollar and euro strengthening against the shekel, as The Zioneer reported earlier today. The ongoing US-Iran escalation was cited as the driver of the currency's weakness.
The Zioneer's coverage at 12:23 Jerusalem included three reports: market data showed the dollar gaining 1.3% to 3.05 shekels in midday trading while the TA-35 fell 0.9%; ynet reported the dollar and euro strengthening at the week's close; and the Bank of Israel's representative rate was fixed at 3.05, confirming the level. The shekel has been under pressure since June, when it first crossed the 3-shekel threshold (The Zioneer, Jun 26). It subsequently fluctuated, reaching 3.002 on Jul 2, 3.029 on Jul 7, and 3.025 on Jul 13, all against the backdrop of the US-Iran conflict.
The Zioneer has reported that the shekel's weakness is driven by the US-Iran conflict, including military strikes and retaliatory threats, which have increased global uncertainty. The shekel's movements have been closely tied to developments in the Gulf, as The Zioneer reported on Jul 9 when the shekel strengthened briefly as fighting resumed. The broader context shows the shekel has been under sustained pressure since the escalation began in June.
The representative rate is fixed, but actual trading may continue. The shekel's near-term trajectory depends on the evolution of the US-Iran conflict. No further updates are expected until forex trading resumes on Monday.
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