Shekel Kicks August Depreciation Habit as Economy Expands: ChartBy
Israel’s shekel appreciated against the U.S. dollar in August for the first time in nine years after data this month showed the economy expanded faster than forecast in the second quarter and as unemployment stayed at a record low. The currency had weakened an average 2.1 percent each August since 2007, the biggest drop of any month. The Bank of Israel says the strengthening shekel “continues to weigh on the growth of exports” that make up about a third of the country’s economy.
— With assistance by Yaacov Benmeleh
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