Shekel strengthens on election day as US dollar falls to 3-week low against Israeli currency

The Israeli shekel continued to gain against major currencies on election day, extending its rally from the previous day. The U.S. dollar fell about 2% to approximately 3.02 shekels, its lowest level in three weeks, while the euro dropped to around 3.37 shekels.

Since Friday, the dollar has declined roughly 3% from its representative rate of 3.11 shekels, while the euro has fallen from 3.48 shekels. The sharp two-day decline has erased a substantial portion of the dollar’s gains over the past month.