JERUSALEM, Aug. 15 (Xinhua) -- Israel's currency shekel has hit a record low against the U.S. dollar in almost 3.5 years, as indicated by the exchange rates released by Israel's central bank on Tuesday.
The exchange rate was fixed at 3.763 shekels per dollar, compared to the record-low 3.827 rate set on March 18, 2020.
From January 25 this year, when the rate was 3.37 shekels per dollar, the Israeli currency has undergone a depreciation of more than 10 percent in less than seven months.
Israeli analysts attributed the weakening of the shekel against the dollar to several local causes, such as the legislative processes of the controversial judicial reform and the ongoing tensions between the government and the military.
In addition to the local causes, there are other global factors at play, such as the dollar's appreciation against other currencies as a result of Nasdaq's downward trend and the ongoing rise in federal benchmark interest rates in the United States, both of which encourage investors to buy more dollars. ■
