South Korean won hits 17-year low against US dollar
The South Korean won fell to a 17-year low against the US dollar on Monday as rising oil prices and escalating tensions in the Middle East rattled financial markets.
The won was quoted at 1,495.5 per dollar at 3:30 p.m., down 19.1 won from the previous session, News.Az reports, citing Yonhap.
The level marked its weakest point since March 12, 2009, when the exchange rate reached 1,496.5 won during the Global Financial Crisis.
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After opening at 1,493 won per dollar, the currency weakened further during the session, touching 1,499.2 won at 10:22 a.m., the lowest intraday level since that same period in 2009 when the rate briefly reached 1,500 won.
Market sentiment has been pressured by instability in global energy prices. West Texas Intermediate crude rose above $100 per barrel on Sunday for the first time since July 2022.
The recent decline in the won has also been driven by a broader rally in the US dollar as investors grow concerned that the conflict involving the United States, Israel and Iran could expand into a prolonged regional war.
By Nijat Babayev
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