BREAKING NEWS

Stocks, shekel sink on expectation of US strike on Syria

AUGUST 27, 2013 19:34

American rhetoric portending a military strike in Syria made waves in Israeli markets on Tuesday, sending the shekel to its weakest point since early July and leading to a 2.4% drop in the Tel Aviv Stock Exchange’s top 25 index.

On Monday, US Secretary of State John Kerry said it was "undeniable" that the Syrian regime used chemical weapons in its civil war, and that "“President Obama believes there must be accountability for those who would use the world’s most heinous weapons against the world’s most vulnerable people." CBS reported that the Obama administration was preparing an "airtight circumstantial case" against Assad to justify a strike.

The shekel, which has been on a strong streak, hovering below 3.6 to the dollar since early July, shot up to 3.603 on Monday at 3.654 on Tuesday, it’s weakest showing in six-and-a-half weeks. Just two weeks ago, it had sunk to 3.528 against the dollar.

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