Wed, 27 Oct 2021

JERUSALEM, July 30 (Xinhua) -- The Israeli currency rose to its highest rate in over six months against the U.S. dollar on Friday, according to Israel's central bank.

The exchange rate was set at 3.233 shekels for 1 dollar, compared to a rate of 3.232 that was set on Jan. 19.

On Jan. 14, the rate reached 3.116 shekels for 1 dollar, the lowest since April 1, 1996.

However, the trend has then reversed after Israel's central bank immediately announced that it will purchase 30 billion dollars in 2021 to curb the appreciation of the shekel.

The Israeli financial website "Globes" assessed that the main cause for the sharp appreciation was the increase in the flow of foreign currency into Israel.

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