Shekel Rebounds as Central Bank Holds Interest Rates

The Israeli new shekel rebounded today after earlier drop versus the US dollar as the nation’s central bank maintained its key interest rate and predicted that the country’s economy will expand next year.
The Bank of Israel kept its benchmark interest rate for January 2012 unchanged at 2.75 percent yesterday following the cut last month. The annual growth of inflation was 2.6 percent in November, while the consumer prices were down 0.1 percent on a monthly basis. The central bank revised its growth forecast down to 2.8 percent from the previous estimate of 3.2 percent.
USD/ILS traded at 3.7727 as of 12:19 GMT today after it jumped from 3.7725 to 3.8003 earlier.

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