Israeli Shekel Trades At 2-1/2 Year High Against US Dollar
March 29 2011 - 8:42AM
RTTF2
The Israeli shekel extended its recent rally against the US
dollar to reach a fresh 2-year high of 3.5094 on Tuesday.
The domestic currency outperformed after the Bank of Israel on
Monday decided to hike interest for April by a half percentage
point to 3 percent, to keep inflation firmly within the target
range and to support the further economic recovery. Analysts had
predicted a quarter-point hike.
Inflation in Israel rose by 0.3 percent on month and 4.2 percent
on year in February, well-above the upper limit of Central bank's
inflation target.
The shekel that exhibited a brief retreat after posting its
fresh yearly highs against the greenback is presently trading close
to 3.51, just a few pips away from its previous 2-1/2 year
peak.
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