Israeli Shekel Strengthens Against Dollar and Euro to End Week

The Israeli currency, the shekel, saw a significant strengthening against major foreign currencies by the end of the trading week, according to official exchange rates published by the Bank of Israel on Friday. The U.S. dollar fell to 3.06 shekels, a decrease of 0.65%, while the euro dropped to 3.4419 shekels, down 1.17%. These rates remain in effect through the weekend until the next trading day. This decline follows a day of foreign currency gains, with the dollar closing at 3.08 shekels and the euro at 3.4826 shekels on Thursday. The shekel also strengthened against most other major currencies, with the exception of the Swiss franc, which rose by 0.35%. Other notable exchange rates included the British pound at 4.0407 shekels (down 0.97%), the Jordanian dinar at 4.3159 shekels (down 0.65%), the Canadian dollar at 2.1496 shekels (down 0.62%), the Australian dollar at 2.1239 shekels (down 0.70%), the Japanese yen at 1.9414 shekels per 100 yen (down 0.16%), and the Egyptian pound at 0.0585 shekels (down 1.35%). The euro and Egyptian pound experienced the largest drops, while the Jordanian dinar moved in parallel with the dollar due to their linked exchange rates. The official exchange rate, known as the "representative rate," is published daily by the Bank of Israel and serves as a benchmark for financial transactions, contracts, and pricing within the local market, including rent calculations, real estate deals, and money transfers. Exchange rates at banks and exchange bureaus may differ slightly from the official rate due to added purchase and sale margins.