The Israeli new shekel fell today as Israel’s government voiced concern that a strong currency damages nation’s exports and economy.
Israeli exports tumbled 16 percent last quarter following the 8.7 percent rally of the shekel over this year. Officials called the strong exchange rate “a mortal blow to Israeli exports”. As a result, they have to seek new trading partners as economies in Israel’s traditional markets were weakening.
USD/ILS ticked up from 3.4939 to 3.5010 as of 14:17 GMT today.
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