What’s next for Israeli shekel after sinking to 8-year low vs. USD?
As the hostilities between Israel and Hamas continue, the Israeli national currency, the shekel (ILS), has sunk to its lowest level against the United States dollar (USD) in over eight years amid investor uncertainty regarding the potential financial cost of a long war. Indeed, the USD/ILS trading pair had recently crossed the threshold of 4 per dollar for the first time since March 2015, as Israel entered its 10th day of armed conflict with Hamas, with the shekel trading at 4.01823 to the US dollar, according to the information retrieved on October 17. USD/ILS trading pair. Source: TradingView Specifically, back on March 20, 2015, the shekel was trading at 4.057 amid the dollar’s advance that brought it to near-parity with the euro (EUR). Since then, the Israeli fiat currency neared this level again (at 3.88598) only once – in March 2020, at the beginning of the Covid-19 pandemic. Decline persists Meanwhile, the continuous decline of the shekel has persevered despite th...