The Shekel Appreciates 2% Against the US Dollar, Hits a 7-Year High

The value of Israel’s currency, the shekel, continued to go up on Friday, when it was valued at NIS 3.4 against the U.S. dollar, a seven-year high.

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The shekel decreased 2% against the euro, to a valuation of NIS 4.11 against the euro.

Shekel. Photo: Bloomberg

The value of the shekel was up in 2017 as measured against most currencies traded in the country, according to a report by Israel’s government Central Bureau of Statistics published earlier this month.

In 2017, the shekel’s value went up 6.7% compared to the dollar and 4.6% compared to the euro. The shekel also appreciated by 12.3% against the British pound, 10.2% against the yen, 6.7% against the Jordanian dinar, 6.6% against the Swiss franc, and 4.5% against the Canadian dollar.

The Manufacturers Association of Israel estimates that the depreciation of the dollar cost Israeli exporters $2.3 billion in revenue in 2017.