Shekel up against dollar amid expectations Netanyahu may stop overhaul

Israel’s shekel appreciates more than 1% against the US dollar and shares rose amid cautious expectations that Prime Minister Benjamin Netanyahu is poised to announce a halt to the contentious judicial overhaul.

The currency is at 3.60 against the greenback in morning trading after hitting a four-year low this month as lawmakers advanced parts of the controversial judicial overhaul, to cement government control over judicial appointments and revoke the High Court’s ability to review Basic Laws.

Tel Aviv Stock Exchange’s benchmark TA-125 index increases 1.7%, and the TA-35 index of blue-chip companies rises 2%. The TA index of the five largest banks and the TA-Insurance & Financial Services are both up about 2.4%.