The Israeli currency, the Shekel, experienced a significant drop against the US dollar, reaching its lowest point in almost eight years.
This decline follows intense clashes between Israel and Hamas in the Gaza Strip, resulting in over 1,200 casualties on both sides. In Gaza, more than 550 Palestinians lost their lives due to aerial bombings, while on the Israeli side, the death toll from Hamas’s large-scale attack on Saturday exceeded 700, according to reports from Arab media.
During Asian trading hours, the Shekel’s activity in the currency market is typically limited. Currently, the Shekel is down over 3% against the dollar, trading at 3.9581. This marks one of the most significant drops in the value of the Shekel in recent years. Experts anticipate that given the escalating tensions in the Middle East, the Shekel’s decline against the US dollar is likely to persist.
Furthermore, these clashes are also having a detrimental impact on Israel’s economy and its attractiveness to foreign investors. Foreign investment in Israel plummeted by 60% in the first quarter of the year, according to a report from the Finance Ministry. In the first three months of the year, Israel attracted approximately $2.6 billion in foreign investment, representing a 60% decline compared to the quarterly averages of 2020 and 2022.
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