The dollar surged sharply on Thursday amid growing concerns over a possible renewal of military confrontation with Iran.
The U.S. currency was trading at 3.14 shekels, up from Wednesday’s representative rate of 3.09. The euro also climbed, trading at 3.70 shekels after its representative rate was set at 3.66 a day earlier.
Less than a week ago, the dollar’s representative rate stood at 3.06 shekels — its lowest level in more than 30 years. However, fears of renewed hostilities with Iran, an event that could have significant implications for Israel and its economy, have driven the dollar and euro higher against the shekel.
Or Poria, chairman of Poria Finance, said that “major currencies have been trading higher against the shekel in recent days amid rising uncertainty on the Iranian front.” He added that the dollar has also strengthened somewhat against the euro, gaining more than 2% from the low it reached earlier this week.
Despite the recent volatility, Poria Finance emphasized that its underlying assessment remains unchanged: the shekel is expected to continue strengthening against major currencies over the medium to long term, as economic fundamentals still support that trend. According to Poria, only significant declines in global markets or major local geopolitical events are likely to alter the picture and lead to a temporary weakening of the shekel.
First published: 14:04, 02.19.26