Markets
Israeli Shekel Hits Near Eight-Year Low Amid Escalating Middle East Conflict
The Israeli shekel plummeted to its lowest point in nearly eight years against the U.S. dollar on Monday, reflecting growing tensions in the Middle East.
This decline comes in the wake of a deadly escalation in violence over the weekend.
On Saturday, fighters affiliated with the Islamist group Hamas launched a devastating attack on Israeli towns, resulting in the tragic loss of 700 lives and the abduction of dozens of individuals.
In retaliation, Israeli forces conducted air strikes targeting housing blocks, tunnels, a mosque, and the residences of Hamas officials in Gaza on Sunday.
These unsettling events have had a significant impact on the Israeli shekel’s exchange rate against the U.S. dollar.
The currency, which typically sees less activity during Asian trading hours, experienced a substantial drop, falling over 3% to a rate of 3.9581 shekels per dollar.
As tensions continue to mount in the region, financial markets are closely monitoring the situation, and experts anticipate further fluctuations in currency values and market stability.