Shekel Climbs To 26-Year High As Bank Of Israel Signals Less Intervention

This article was first published by The Times of Israel and is re-posted with permission.

Tourists beware. Looks like the next holiday to Israel, when COVID rules allow it, will be pricy: The shekel’s strength against the dollar reached a 26-year high on Wednesday, and experts predict it is not going to stop there.

The shekel representative rate closed at NIS 3.0740 to the dollar on November 17, the highest rate since 1995. Against the Euro, the representative rate was NIS 3.4767, the highest since 2000, according to data compiled by Bank Hapoalim. As of November 9, according to data compiled by Reuters, the shekel was the top-performing emerging currency since the pandemic started in early 2020.

Year to date, the shekel has advanced 4.2 percent against the dollar, and economists predict that all things equal, it may end up at NIS 3.0 to the dollar in a few months. The shekel’s representative rate on Thursday was set at NIS 3.0790 to the dollar.

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