Currently the value of the shekel has fallen to about 4 against the dollar
Israel’s currency, the shekel, fell more than 2.5 percent on Monday, according to the report
Updated: Oct 11th, 2023
Israel Currency Shekel: The war between Israel and Palestine (Israel-Palestine War) continues in West Asia. There is no solution to this war that started after the attack of Hamas. Meanwhile, the shekel, the Israeli currency, suffered heavy losses and fell to seven-year lows.
Israeli currency at this level
Israel’s currency, the shekel, fell more than 2.5 percent on Monday, according to the report. This was the biggest one-day drop in the shekel price since March 2020. Shekel prices were also seen under pressure yesterday. Currently the value of the shekel has fallen to about 4 against the dollar. This is the lowest value of the Shekel in 7-8 years.
Lowest value since 2016
Israel’s currency, the shekel, has lost more than 11 percent so far this year. The dollar is already seeing gains this year against major international currencies. Due to this, almost all Asian currencies are under pressure in 2023. The West Asian country’s entry into the war has affected the shekel’s value, and the value is now at its lowest level since early 2016.
Impact on the markets of these countries as well
The impact of this Israel-Palestine war is wide-ranging. Israel’s stock market has also been affected by the war. Apart from this, the war has also had a negative impact on the stock market, bond market and currencies of neighboring countries like Lebanon, Jordan and Egypt. In response to the falling value of the shekel, the Bank of Israel said on Monday it would sell as much as $30 billion of foreign currency in the open market.