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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