JERUSALEM, Oct. 6 (Xinhua) -- The Israeli shekel has hit its lowest point against the U.S. dollar in over six and a half years, according to exchange rates released by the Bank of Israel on Friday.
The shekel-to-dollar exchange rate was established at 3.863 shekels per dollar, the lowest point since it hit 3.867 shekels per dollar on Dec. 19, 2016, as per central bank data.
Since Jan. 25, 2023, when the exchange rate stood at 3.37 shekels per dollar, the currency has experienced a 12.8-percent depreciation against the greenback.
Gad Lior, a senior analyst at Israel's Yedioth Ahronoth daily newspaper, attributed the dollar's strength against the shekel to legal reform and political instability in Israel.
Joseph Freiman, CEO of Prico Group, an Israeli financial firm specializing in foreign exchange markets, predicted that the ongoing devaluation of the shekel would prompt the Bank of Israel to raise the basic interest rate as a preventive measure to curb inflationary pressures. ■
