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.



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