Israel's shekel hit its weakest level since early 2016 and the cost of insuring the country's sovereign debt against default soared on Tuesday after a bloody weekend assault by Hamas militants put Israel on a war footing.
The shekel softened 0.4% in early trade to hit 3.9544 to the dollar, extending losses again after Monday's more than 2.5% tumble, which was the biggest one-day move since March 2020. The currency has weakened 11% so far in 2023.
The weekend attack and retaliatory strikes by Israel have claimed more than 1,500 lives, raising fears the region could face a prolonged wave of conflict and violence.
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