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The Israeli Shekel (ILS) has hit a six year low against the US dollar. Itβs 7% plunge this year places it as one of the weakest major currencies, behind only the Japanese Yen (JPY) and South African Rand (ZAR).
The latest move comes a day after rating agency Fitch reaffirmed the countryβs A+ investment grade credit rating but joined other agencies S&P and Moodyβs in warning that the governmentβs controversial judicial overhaul plan could hurt its creditworthiness.
The Shekel has been hit by cross currents of a stronger dollar, as US 10-year bond yields have risen to over 4% and attracted capital, and concerns the judicial reform proposals will undermine Israelβs hard-won institutional stability and investor confidence.
*Please note, this is not investment advice*... Show More
