The shekel

 was sharply weaker against the dollar today. The Bank of Israel set the shekel-dollar representative rate up 2.237% this afternoon at NIS 3.474/$, and against the representative rate of the euro was set up 0.695% at NIS 3.739/€. In late afternoon inter-bank trading the shekel remains stable.

Analysts believe the shekel depreciation today was due to several factors. These include strong macroeconomic data published in the US on Friday about unemployment and new jobs created, which has strengthened the dollar on world markets. A second reason is jitteriness among domestic investors due to concern about the implications of the government's planned judicial reform for the Israeli economy.

Despite today's losses, the shekel still remains 2% stronger than the dollar since the start of 2023, and 3% stronger against the US currency than it was in early November, just after the Knesset elections.

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