(MENAFN) The Israeli shekel saw a 1.3 percent decline to 3.75 per dollar on Monday amidst rising tensions over military plans regarding Rafah city in the southern Gaza Strip.
This drop marked the most significant decrease in three weeks, occurring amidst a stalemate in indirect negotiations between Hamas and Israel aimed at achieving a Gaza cease-fire and a hostage exchange.
The situation escalated in the Gaza Strip on Monday as the Israeli army issued immediate evacuation orders for Palestinians residing in the eastern neighborhoods of Rafah, directing them to relocate to the town of al-Mawasi in southern Gaza.
According to an Israeli radio, an estimated 100,000 Palestinian civilians are believed to inhabit the areas slated for evacuation.
Rafah serves as a home to over 1.5 million displaced Palestinians, who have sought refuge from the conflict initiated by Israel following a Hamas attack on October 7, resulting in nearly 1,200 casualties.
During the ensuing Israeli military campaign, over 34,700 Palestinians, primarily women and children, have lost their lives, exacerbating an already dire humanitarian situation.
After nearly seven months of conflict, extensive portions of Gaza lie in ruins, leading to internal displacement for 85 percent of the enclave's population amidst severe shortages of food, clean water, and medical supplies, as reported by the UN.
Israel faces accusations of genocide at the International Court of Justice, with an interim ruling in January deeming it "plausible" that Israel is committing genocide in Gaza. The court ordered Tel Aviv to cease such actions and ensure the provision of humanitarian assistance to civilians in the region.
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