The foreign exchange market opened this morning with the shekel at around NIS 3.627/$, a rate about 1% higher than the representative rate set on Monday (there was no trading yesterday because of the Purim holiday). Against the euro, the shekel is fairly flat. Yesterday, international credit rating agency Moody’s issued a non-routine report on Israel, warning that the planned overhaul of Israel’s judicial system could, if fully implemented, put the country’s sovereign rating at risk. The warning presumably tends to weaken the shekel. On the other hand, the announcement by President Herzog this week that a compromise on the reform plan was within reach has tended to support the shekel. RELATED ARTICLES Moody's warns judicial reform could endanger Israel's rating Herzog: We're close to agreement on judicial reform The falls on Wall Street yesterday and the jump in US bond yields also weigh on the shekel. The US Dollar Index rose 1.2% yesterday. Published by Globes, Israel business news - en.globes.co.il - on March 8, 2023. © Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
