JERUSALEM, July 29 -- The Israeli shekel significantly depreciated against the U.S. dollar amid the growing security tension in northern Israel, according to official exchange rates issued by Israel's central bank on Monday.

The representative rate was set at 3.733 shekels for 1 dollar, compared to the previous rate of 3.68 shekels per dollar set on Friday, reflecting a weakening of 1.4 percent.

Joseph Freiman, CEO of the Israeli financial Prico Group, told Xinhua that concerns about a possible flare-up in the north and local demands have strengthened the dollar.

He added that worsening security conditions could trigger a domino effect, potentially pushing the shekel's value down to at least 3.8 shekels per dollar.

Tension in northern Israel escalated on Saturday after a rocket strike killed 12 people on a football pitch in the Druze town of Majdal Shams in the Israeli-annexed Golan Heights, with Israel alleging that the attack was carried out by the Lebanese armed group Hezbollah.

Hezbollah denied involvement in the incident.

  - Xinhua