Israeli Shekel Rises To New Multi-week High Versus Greenback After Key Policy Rate Report
July 26 2010 - 2:11PM
RTTF2
The Israeli shekel surged up against the US dollar after the
release of Bank of Israel's Interest Rate decision in New York
deals on Monday. The Bank of Israel raised its key policy rate by
25 basis points to 1.75% on Monday after keeping it unchanged for
three straight months, citing low inflationary pressures in the
next few months.
At around 2:00 pm ET, the shekel climbed to 3.8100 versus the
greenback, which may be compared to last week's closing value of
3.8515. This set a new multi-week high for the Israeli
currency.
The move came as a surprise, as the central bank was widely
expected to retain the interest rate at 1.5%. Meanwhile, Israeli
forecasters predicted further rate hikes going forward.
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