Full coverage· Economy· Updated
Israeli Shekel Surges to Record High on Election Day Amid High Voter Turnout
The Israeli shekel strengthened significantly against major global currencies on election day, Tuesday, October 27, 2026, reaching its highest level in several weeks. The surge coincided with reports of exceptionally high voter turnout, which reached 44.9% by 2:00 PM, the highest rate recorded at that hour since at least 1973. This high participation fueled investor optimism regarding the election's outcome and potential political stability.
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What happened
- 01The Israeli shekel surged on election day, Tuesday, October 27, 2026, pushing the US dollar down to approximately 3.02 shekels.
- 02The euro fell by 2.2% against the shekel, trading near 3.37 shekels during the election holiday.
- 03Voter turnout reached 44.9% by 2:00 PM, marking the highest participation rate recorded at that hour since 1973.
- 04Local currency trading was restricted with banks closed and no official representative exchange rates published by the Bank of Israel.
- 05The dollar's decline could moderate an expected domestic fuel price hike that threatened to push gasoline close to 9 shekels per liter.
- 06Investment bank J.P. Morgan predicted that the final election results could move the shekel's value by up to 3%.
- 07Globally, the US dollar index rose 0.2% to 102.2 points while investors awaited interest rate decisions from major central banks.
During the day's trading, the US dollar fell by approximately 1.8% to 2% to trade around 3.02 shekels, its lowest level in a month, while the euro dropped by 2.2% to trade near 3.37 shekels. This sharp appreciation erased a significant portion of the dollar's gains from the preceding month. Local foreign exchange trading was limited, with banks closed and the Bank of Israel suspending the publication of official representative exchange rates due to election day regulations.
The shekel's strong performance contrasted with global currency markets, where the US dollar index rose slightly by 0.2% to 102.2 points. Market analysts noted that the weakening of the dollar could help moderate an anticipated rise in domestic fuel prices, which were expected to approach 9 shekels per liter for 95-octane gasoline due to rising oil prices and the expiration of an excise tax discount. Analysts from J.P. Morgan predicted that the final election results could ultimately move the shekel by up to 3%.
Summarized by baba from the reports of 4 newsrooms. Updated
Latest report: Mignews. Read Mignews’s originalThe coverage
4 newsrooms on this story
Who covered it
- LeftNone
- Centre1
- RightNone
- HarediNone
- ArabNone
- Other3
