Egypt launched an initiative on Monday to halt Israel-Palestinian conflict.
On Tuesday, Israel has accepted the truce proposal for the conflict with Gaza.
Hamas, which controls Gaza, has not formally responded. But its armed wing has rejected the plan as a “surrender”.
Under the terms, the ceasefire should begin immediately, followed by a series of meetings in Cairo with high-level delegations from both sides.
Palestinian officials say at least 192 people have been killed by Israeli air strikes launched eight days ago to stop militants firing rockets into Israel.
There have been no Israeli air strikes into Gaza since the 09:00 truce, but at least one rocket has been fired from Gaza into Israel.
Israel’s security cabinet, convened by PM Benjamin Netanyahu, voted to approve the truce on Tuesday morning, minutes before the proposed time for it to come into effect.
Peter Lerner, a spokesman for the IDF, Israel’s military, said: “In accordance with the government directives, the IDF now holds fire. We remain alert and preserve high preparedness levels, both defensive and offensive. If the Hamas terror organization will fire at Israel, we shall respond.”
For now, Hamas sources are saying its attacks will “increase in ferocity and intensity” unless Israel releases prisoners and co-operates with Egypt to lift economic restrictions on Gaza.
That is not encouraging but does not mean that a deal will not ultimately be done – just that it will not be easy, our correspondent says.
Meanwhile the casualty figures continue to mount.
Three people were killed in Khan Younis, south of Gaza, on Tuesday morning, shortly before Israel accepted the proposed truce.
Of the 192 now reported dead by the Palestinian health authority, the UN estimates that over three-quarters were civilians.
An estimated 1,400 Palestinians have been injured.
Israel disputes the Palestinian casualty figures, saying they were based on Hamas sources and were not objective.
At least four Israelis have been seriously injured since the violence flared, but no-one has been killed.
Israeli sources said at least three rockets landed in and around the southern Israeli city of Eilat overnight.
Reports suggest they may have been fired from the Sinai peninsula in Egypt rather than from Gaza.
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