The Israeli shekel fell to an almost eight-year low against the U.S. dollar on Monday as conflict in the Middle East escalates.

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Fighters from Islamist group Hamas killed 700 Israelis and abducted dozens more as they attacked Israeli towns on Saturday. In response, Israeli air strikes hit housing blocks, tunnels, a mosque and homes of Hamas officials in Gaza on Sunday.

The currency pair is not particularly active during Asian hours. The shekel was last down more than 3 per cent against the dollar at 3.9581.