This photo, taken Monday, shows the trading room of Hana Bank in central Seoul as the South Korean won fell to a 17-year low against the U.S. dollar. The won was quoted at 1,495.5 won per dollar at the close of trading hours at the Korean Stock Exchange. Photo by Yonhap
The South Korean won fell to a 17-year low against the U.S. dollar Monday amid heightened market volatility as oil prices spiked following the expanding conflict in the Middle East.
The won was quoted at 1,495.5 won per dollar at 3:30 p.m., down 19.1 won from the previous session, marking the weakest level since March 12, 2009, when the won-dollar rate hit 1,496.5 won during the global financial crisis.
After opening at 1,493 won, the won-dollar rate touched 1,499.2 won at 10:22 a.m., the lowest intraday level since that day, when the rate reached 1,500 won.
Investor sentiment was dampened by instability in global energy prices. The U.S. benchmark West Texas Intermediate (WTI) crude surpassed US$100 per barrel for the first time since July 2022 on Sunday (U.S. time).
The recent decline in the won has also been driven by a broad dollar rally amid concerns that the U.S.-Israeli operation could escalate into a prolonged regional war.
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