JERUSALEM, May 2 (Xinhua) -- The Israeli shekel on Monday fell to its lowest value against the U.S. dollar in almost a year and a half, according to exchange rates issued by Israel's central bank.
The shekel's exchange rate against the dollar was thus set at 3.352 shekels per dollar, compared to a rate of 3.356 shekels per dollar set on Nov. 17, 2020.
On March 31, the exchange rate was set at 3.176 shekels per dollar. Since then the shekel has been devalued by 5.54 percent in about a month.
In mid-November last year, the shekel was quoted at 3.074 shekels per dollar, hitting a 26-year high in its value, according to figures released by the Bank of Israel.
Sonia Gorodeisky, chief financial and business editor at Israel Hayom daily newspaper, told Xinhua that the weakening of the shekel against the dollar was not only due to the recent strengthening of the U.S. dollar against the world's leading currencies.
"Following declines of stock markets worldwide, many Israeli institutional investors have recently made large dollar purchases, contributing to the weakening of the shekel," she noted.
Gad Lior, senior analyst for Yedioth Ahronoth daily newspaper, believed the strengthening of the U.S. dollar against the shekel will help Israeli exporters and manufacturers, who now receive more shekels for the dollars they are paid for exporting goods and services.
"On the other hand, Israelis' travel abroad has become more expensive, with higher costs for flights, hotels, transportation and shopping," he told Xinhua. ■