Israel’s currency the shekel tumbled to its lowest point in years on Wednesday as Israel continues to grapple with political crises.
The shekel was trading at 3.87 to the US dollar as of 7:45 a.m. ET. This was its lowest value since 2016, according to market data and Israeli press reports.
The currency has been falling against the dollar since the start of 2022, when it traded at 3.1 to the dollar.
Why it matters: The fall comes amid Israel’s continued political turmoil. In July, the Knesset passed the first part of the government’s controversial judicial reform plans that would limit Supreme Court oversight over government decisions. The court’s justices began deliberations on the law last month.
