Israeli shekel appreciates against USD on Monday

The Israeli Shekel saw a 1.2 per cent increase against the US dollar on Monday, reflecting Israel’s compliance with requests from allies to refrain from retaliation against Iran following Iran’s Saturday’s attack, Reuters reported on Monday.

Market observers described this as a “relief rally,” with the shekel trading at 3.725 per dollar compared to Friday’s closing rate of 3.771.

This uptick marked the market’s initial response to the barrage of Iran and Israel rising tension. Late last week, the shekel had weakened amid concerns of an impending Iranian assault.