South Korean Won Nears Weakest Level Since 2009

2026-03-09 01:55 By Erika Ordonez 1 min. read

The South Korean won fell to around 1,490 per dollar, extending losses near its weakest level since 2009, as surging oil prices and broad risk-off sentiment continued to pressure the currency.

Crude prices jumped above $100 per barrel, with West Texas Intermediate and Brent Crude rallying sharply after escalating conflict in the Middle East raised fears of supply disruptions and shipping risks through the Strait of Hormuz.

The spike in oil intensified pressure on the won, given South Korea’s heavy reliance on imported energy, which heightens concerns about rising import costs, inflation, and a potential deterioration in the trade balance.

President Lee said fuel prices would be capped to curb economic impact.

At the same time, the dollar demand strengthened as investors moved toward safer assets, amplifying losses in regional currencies.

The KOSPI also plunged and briefly triggered trading curbs, while foreign investors continued to sell Korean equities amid the growing uncertainty.



News Stream
South Korean Won Remains Under Pressure
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South Korean Won Falls on Oil Rally, Firm Dollar
The South Korean won weakened to around 1,486 per dollar, retreating from its strongest level in over a month, amid higher oil prices and a firm dollar. The currency remained under pressure amid lingering geopolitical uncertainty in the Middle East, with risk sentiment still influenced by US–Iran ceasefire developments and earlier disruptions in the Strait of Hormuz, which had driven crude prices higher and raised concerns over Korea’s import bill. At the same time, the US dollar held firm as investors maintained a cautious stance, keeping pressure on emerging Asian currencies, including the won, despite relative resilience in local equities. Separately, Bank of Korea officials reiterated that excessive volatility in the won is not desirable, while maintaining a cautious policy stance amid heightened uncertainty from oil prices and geopolitical risks. Expectations of continued foreign inflows, supported by Korea’s improving market accessibility, helped limit losses.
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