Shekel gains 1.2% against US dollar, hitting three-week high, amid record voter turnout

The shekel gains, hitting a three-week high against the US dollar amid record voter turnout as Israelis continue to cast their ballots in the national election.

The shekel appreciates more than 1.2% and is trading at NIS 3.0419 per dollar. It marks the local currency’s strongest value since October 6.

“With high voter turnout, markets and, specifically, the foreign exchange market, are increasingly pricing in a positive outcome of the election, which will be good for the economy and also be very good for fiscal policy,” Leader Capital Markets chief economist Jonathan Katz tells The Times of Israel. “A positive election outcome would yield a solid, stable coalition, one able to consolidate and implement measures that improve Israel’s fiscal position and broader economic policies.”