The Shekel in figures - September 2026
By September saw the dollar take back ground against the shekel. USD/ILS opened the month at 3.0120 and climbed to a high of 3.0720 on the 29th before closing at 3.0630. The turn came after the Federal Reserve raised rates on 16 September for the first time since 2023, giving the dollar its best day in three months.
Against the other major currencies, the shekel held up better. Sterling peaked at 4.1132 mid-month before easing to close at 4.0602. The euro followed a similar path, closing at 3.4752 from 3.4922. The Canadian and Australian dollars also finished the month slightly lower against the shekel.
Looking ahead to October The gap between interest rates in Israel and the US is now the main story. The Bank of Israel has cut three times since May while the Fed has started to raise rates, which narrows the advantage of holding shekels.
The Bank of Israel's next decision is on 21 October, following the September inflation figures on the 15th. The most important date of the month is the Knesset election on 27 October. Elections tend to bring sharper moves in the shekel in the days either side of the vote. The Fed, the Bank of Canada and the ECB then all announce rates on 28–29 October, making the last week of the month the busiest.
If you have a transfer to make, keep an eye on timing around these dates.
View the full September Shekel Report below for charts on every currency.