The shekel dropped by more than 3% Thursday as coronavirus fears continue to rattle global markets.
By JERUSALEM POST STAFFmoney(photo credit: REUTERS)The shekel weakened against the dollar Thursday by a dramatic 3.7 percent as coronavirus fears continue to rattle global markets.
The Bank of Israel set the representative rate Thursday at NIS 3.6390 to the dollar. The rate was below NIS 3.50 at the beginning of the week.
The exchange rate rose to NIS 3.69 in interday trading after the representative rate was set.
On Monday, the Bank of Israel said the coronavirus pandemic could cut 0.7% off GDP growth for 2020, and that Israel's economy is now forecast to grow just 2% this year.
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