Israel’s shekel (ILS) 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.
