JERUSALEM, Nov. 10 (Xinhua) -- The Israeli shekel strengthened to its highest level in more than three years on Monday, trading at 3.23 to the U.S. dollar, according to official rates from the Bank of Israel.
It marked the shekel's strongest value since April 21, 2022, when it stood at 3.217 per dollar.
The currency has gained more than 26 percent since October 2023, when it plunged to 4.081 per dollar after Hamas's attack on southern Israel triggered a multi-front conflict.
Analysts said the latest rally followed Standard & Poor's decision on Friday to raise Israel's credit outlook to "stable" from "negative."
"The shekel's recent appreciation is primarily driven by S&P's outlook upgrade," said Gad Lior, a senior analyst at Israeli daily Yedioth Ahronoth. "Gains in global stock markets have also played a role."
Joseph Freiman, CEO of Israeli financial firm Prico Group, said additional support came from higher foreign exchange supply and expectations of a U.S. interest rate cut. ■
