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The dollar index has declined 1.5% since early December, but the shekel has strengthened more sharply.
By JNS
The Israeli shekel strengthened to 3.17 per dollar Tuesday morning, a near four‑year high, according to Israeli business daily Globes.
The strengthening reflects technology exports, defense industry sales and institutional investors hedging positions amid rising global equity markets, according to the report.
Yossi Menashe, CEO and founder of Altshuler Shaham Financial Services, told Globes the shekel is at a level it has not reached in four years, last seen before a “mini‑burst” of the tech bubble and the outbreak of the Ukraine war.
Recent defense exports and technology exits, including last week’s announcement by Armis, are contributing factors.
Armis, an Israeli-founded cybersecurity company, agreed to be sold to U.S. software firm ServiceNow in a cash deal valued at about $7.75 billion, making it one of Israel’s largest tech exits.
Yotav Kostika, CEO of More Investment Houses, predicted the shekel will likely cross the three-per-dollar threshold.
The dollar index has declined 1.5% since early December, but the shekel has strengthened more sharply.
Menashe said the Bank of Israel has signaled the current rate is consistent with its economic models and has so far given no sign of intervention.
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