Shekel rebounds after sharp depreciation

• Published date: 30 May 2023
• Author: Aharon Katz
• Publication title: Globes (Rishon LeZion, Israel)

Last Thursday, before the Shavuot holiday and the US Memorial Day holiday yesterday, the Bank of Israel set the representative shekel-dollar rate down 0.027% at NIS 3.730/$, and the representative shekel-euro rate was set 0.331% lower at NIS 3.999/€

The shekel is trading against the dollar at levels not since the start of the Covid pandemic in March 2020. Several factors could have caused the strengthening of the shekel today including a positive report from Fitch, which even said that Israel's credit rating could be raised if the government jettisons its judicial overhaul plans.

In addition...