Shekel drops as Beirut explosions raise fears of Northern war: Maariv

By Al Mayadeen English
Source: Agencies
17 Sep 2024 21:42
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Market analysts warn that if the situation continues to deteriorate, "Israel's" economy could face further instability, and the currency may continue its downward trend.

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Shekels (Agencies)

Israeli website Maariv reported on Tuesday the shekel experienced a sharp decline day as reports emerged of the cyber-attack in Lebanon.

The Israeli currency dropped in value against major foreign currencies, with the US dollar rising by 1.20% to 3.78 shekels and the euro jumping by 1.12% to 4.21 shekels.

According to financial analysts, the sudden drop in the shekel is driven by growing concerns among investors about a potential escalation of violence that could lead to a full-scale war with Lebanon as a result of the latest attack targeting communication devices.

These devices reportedly detonated in Beirut's southern suburb and other locations across Lebanon.

Market analysts warn that if the situation continues to deteriorate, "Israel's" economy could face further instability, and the currency may continue its downward trend.

Earlier today, "Israel" carried out a massive terrorist attack on Lebanon, causing thousands of pagers to detonate and leading to hundreds of injuries.

Lebanese security forces confirmed that specific types of wireless devices were targeted, with several sources alleging that an Israeli breach caused the devices to go off and subsequently explode.

The Lebanese Ministry of Health issued an emergency announcement revealing that large numbers of injuries of different ranges are being transported to several hospitals across the targeted areas as a result of the detonation of their devices.

The Ministry called on hospitals to be on maximum alert and full preparedness to provide rapid emergency treatment, as well as to stay in full contact with the ministry to ensure the efficient distribution of injuries amid the influx of casualties.

All individuals owning or holding pager devices were advised to keep them away until the situation is cleared out.

Hezbollah vowed to respond to the Israeli aggression in ways and at times the occupation cannot estimate or anticipate.

"The treacherous and criminal enemy will undoubtedly face its just punishment for this heinous attack, in ways both expected and unforeseen," the statement read.