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Israeli shekel hits 3-year low against the dollar

The Israeli shekel (NIS) weakened even further on Tuesday, with some attributing the depreciation to the ongoing dispute over judicial reforms. The first of several proposals passed a first reading in the Knesset on Monday.

The exchange rate stood at 3.663 NIS per 1 USD at the end of the day.

The decline coincided with the Bank of Israel's decision to raise the interest rate to 4.25%.

The shekel has depreciated by 1.18% against the U.S. dollar over the last year and has now hit its lowest rate against the dollar in a three-year period.

The All Israel News Staff is a team of journalists in Israel.

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