JERUSALEM, Dec. 3 (Xinhua) -- The Israeli currency approached a 24-year record high against the U.S. dollar on Thursday, according to the representative exchange rates issued by Israel's central bank.

The shekel's exchange rate against the dollar was set at 3.275 shekels for 1 dollar, the lowest since July 2008 and close to the rate of 3.203 in October 1996.

This is the seventh day in a row and the ninth in the last two weeks that the dollar has weakened against the shekel.

Following this, the Manufacturers Association of Israel (MAI) held an emergency conference, noting the collapse of the dollar fatally damages Israel's exports and hi-tech industry.

"Exports are under a forceps attack by the coronavirus crisis and the low dollar exchange rate, which together eliminate jobs and lead to more layoffs and a further decline in growth," said Ron Tomer, president of the MAI.

Gad Lior, a senior analyst for Yedioth Ahronoth daily newspaper, told Xinhua that the jump of the shekel is explained by the weakening of the U.S. currency ahead of the government change at the White House, as well as the exchange of dollars into shekels by Israeli hi-tech companies to pay salaries and taxes.

Also, only a few Israelis purchase foreign currency for travel abroad, and there is an oversupply of foreign currency because of natural gas exports. Enditem

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