Shekel Weakens as Israeli Government to Central Bank Buy Dollars
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Israel’s shekel weakened for the first time in three days as the government and central bank bought more than $300 million to curtail the biggest two-day appreciation since 2009.
The shekel fell as much as 1.2 percent to 3.9666 per dollar following the interventions, which came after the Bank of Israel spurred gains in the currency by refraining from cutting interest rates on March 23. Policy makers are trying to weaken the shekel as the country contends with deflation amid a drop in global commodity prices.