Since hitting a high of 3.34 on Jan. 25, the shekel has slid nearly 10% on talk of local companies pulling bank accounts from Israel and foreign investors staying away due to the judicial changes. The reform would give the government greater sway on selecting judges while limiting the Supreme Court's power to strike down legislation. On Monday, the judicial plan passed its initial vote in parliament. Following the vote, Citi said it was going long U.S. dollar-shekel, targeting 3.95 to the dollar. (Reporting by Steven Scheer; editing by John Stonestreet)
Messaging: steven.scheer.thomsonreuters.com@reuters.net; Twitter: @StevenMScheer)) JERUSALEM, Feb 22 (Reuters) - Israel's shekel extended losses on Wednesday, opening more than 1% weaker
against the dollar, amid a plan to overhaul the country's
judiciary that critics believe will harm Israel's democratic
checks and balances.
The shekel stood at 3.68 versus the U.S. currency, its
lowest level since March 2020, after weakening 1.6% on Tuesday.
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