{"id":70993,"date":"2023-10-10T11:51:48","date_gmt":"2023-10-10T15:51:48","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/israeli-shekel-slumps-to-7-5-year-low-amid-war-with-hamas\/"},"modified":"2023-10-10T11:51:51","modified_gmt":"2023-10-10T15:51:51","slug":"israeli-shekel-slumps-to-7-5-year-low-amid-war-with-hamas","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=70993","title":{"rendered":"Israeli Shekel Slumps To 7.5-Year Low Amid War With Hamas"},"content":{"rendered":"
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Topline<\/h2>\n

The Israeli shekel just hit its lowest level against the U.S. dollar in more than seven years, as the escalating military conflict in the country tests the currency and marks one of the most significant market fallouts of the strife.<\/p>\n

Key Facts<\/h2>\n
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Since the Hamas militant group launched a barrage of attacks against Israel beginning Saturday, the shekel dropped from 3.85 against the dollar to 3.96, a 3% loss of value.<\/p>\n<\/p><\/div>\n

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That\u2019s the shekel\u2019s weakest level against the dollar since February 2, 2016.<\/p>\n<\/p><\/div>\n

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The shekel\u2019s slump continued Tuesday even after Israel\u2019s central bank announced it would sell $30 billion of its foreign currency reserves to shore up the shekel.<\/p>\n<\/p><\/div>\n

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Also sliding amid the increased tensions are Israeli stocks: The country\u2019s benchmark TA-125 stock index measuring the 125 largest companies listed on the Tel Aviv Stock Exchange collapsed 5% in Sunday trading before paring losses with a 1% gain Tuesday.<\/p>\n

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Key Background<\/h2>\n

Currencies typically lose value as geopolitical instability rises in their home countries, causing a collapse in purchasing power of said currency. The dollar typically gains amid international strife as it\u2019s widely considered a \u201csafe haven\u201d asset considering its historic holding of value even during economic downturns and geopolitical rockiness. The dollar index, which tracks the U.S. note against six other currencies, is flat since the Hamas attack but remains significantly elevated since prior to Russia\u2019s invasion of Ukraine.<\/p>\n

Tangent<\/h2>\n

The dollar may be little changed but the impact on U.S. markets due to the conflict has been noticeable. Shares of defense contractors Lockheed Martin and Northrop Grumman both staged their largest single-day rallies in more than three years Monday, while energy stocks similarly surged as added instability in the Middle East caused oil prices to spike.<\/p>\n

<\/h2>\n

e st<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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