Shekel hits 25-year high against the dollar

Dollars and shekels. (Olivier Fitoussi/ Flash90)
Dollars and shekels. (Olivier Fitoussi/ Flash90)

The shekel to dollar exchange rate hit a new 25-year-high, with $1 briefly fetching NIS 3.08 before closing for the day around NIS 3.11.

The shekel has been gaining in strength against major currencies like the dollar and euro, thanks in large part to high levels of foreign direct investment and the strength of the tech sector.

While a stronger currency allows for cheaper imports, it can also hurt exporters by making their goods more expensive for foreign customers.

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