Dollar at 24-Year Low: Bank of Israel Intervenes

YERUSHALAYIM -
View of the Bank of Israel main offices in Yerushalayim. (Yonatan Sindel/Flash90)

The announcement of elections did nothing to weaken the shekel, which has become one of the strongest currencies worldwide.

The U.S. dollar fell 0.7% to NIS 3.227 – the lowest since November 1996. On Tuesday, the Bank of Israel intervened in foreign exchange trading and purchased approximately a quarter of a billion dollars in an attempt to stop the currency from collapsing.

Economists forecast the possibility of a dollar exchange rate of three shekels in the coming weeks.