JERUSALEM, June 24 (Xinhua) -- The Israeli shekel significantly appreciated against the U.S. dollar on Tuesday, following the entry into force of the ceasefire between Israel and Iran, according to official exchange rates released by Israel's central bank.

The shekel was set at 3.405 per 1 dollar, marking a daily gain of 2.13 percent. This represents the strongest value of the shekel against the greenback since Feb. 3, 2023, when the rate stood at 3.398 per dollar.

The shekel reached its weakest point this year on April 9, when the exchange rate peaked at approximately 3.8188, amid heightened regional tensions.

Analysts attributed the shekel's sharp rebound to the de-escalation of geopolitical risk following the ceasefire, which restored investor confidence. Additionally, a rise in foreign currency supply from institutional sources, coupled with a global weakening of the dollar, further supported the Israeli currency. ■