JERUSALEM, Oct. 26 (Xinhua) -- The Israeli shekel on Thursday fell to a record low against the U.S. dollar in nearly 11.5 years, according to official exchange rates issued by Israel's central bank.
The shekel continued to weaken amid the ongoing conflict between Israel and Hamas, despite the bank's plan, announced on Oct. 9, to sell up to 30 billion dollars to stabilize the Israeli currency.
The shekel's new representative rate against the dollar was set at 4.079 shekels per dollar, compared to 4.084 recorded on July 27, 2012.
Since Jan. 25, 2023, when the exchange rate stood at 3.37 shekels per dollar, the currency experienced a 17.4-percent depreciation against the greenback.
Yossi Frank, CEO of Energy Finance, a leading Israeli financial risk management company, told Xinhua that despite the plan, the central bank has since acted in a very minor and bland manner, and market participants have responded accordingly.
He added that the continued weakening of the shekel is mainly due to a possible "significant involvement" of the Lebanese military group Hezbollah in the conflict, which would temporarily worsen the security situation. ■
