South Korean Won Nears 2009 Lows

2026-03-13 04:14 By Erika Ordonez 1 min. read

The South Korean won weakened just below 1,490 per dollar, extending losses near its weakest level since 2009, as surging oil prices and a broader risk-off mood pressured sentiment.

Brent crude jumped above $100 per barrel for the first time since 2022 after Iran’s new leader signaled the Strait of Hormuz should remain closed and attacks on vessels in the region intensified, raising fears of prolonged supply disruptions.

Higher energy prices added pressure on the won, as South Korea relies heavily on imported crude, increasing demand for dollars.

Global markets also turned risk-averse, with US stocks sliding and Asian equities falling sharply, including the KOSPI.

Meanwhile, concerns about the country’s export outlook persisted after the United States launched Section 301 investigations into several major economies, including South Korea, over alleged unfair trade practices tied to excess manufacturing capacity, raising the risk of tariffs on key export sectors.



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South Korean Won Nears 2009 Lows
The South Korean won weakened just below 1,490 per dollar, extending losses near its weakest level since 2009, as surging oil prices and a broader risk-off mood pressured sentiment. Brent crude jumped above $100 per barrel for the first time since 2022 after Iran’s new leader signaled the Strait of Hormuz should remain closed and attacks on vessels in the region intensified, raising fears of prolonged supply disruptions. Higher energy prices added pressure on the won, as South Korea relies heavily on imported crude, increasing demand for dollars. Global markets also turned risk-averse, with US stocks sliding and Asian equities falling sharply, including the KOSPI. Meanwhile, concerns about the country’s export outlook persisted after the United States launched Section 301 investigations into several major economies, including South Korea, over alleged unfair trade practices tied to excess manufacturing capacity, raising the risk of tariffs on key export sectors.
2026-03-13
South Korean Won Slides Further
The South Korean won weakened past 1,485 per dollar, sliding for the third straight session, as fresh trade tensions and elevated oil prices weighed on sentiment. The United States launched a Section 301 investigation into several major economies, including South Korea, China, and Japan, to examine alleged unfair trade practices tied to excess manufacturing capacity. The probe could lead to new tariffs or trade restrictions on export-heavy sectors such as electronics, autos, machinery, steel, and shipbuilding, raising concerns about South Korea’s export outlook and trade surplus. Caution also lingered over volatile energy markets as the Middle East conflict continued to disrupt shipping near the Strait of Hormuz. Meanwhile, authorities have also sought to stabilize supply through a coordinated emergency oil release led by the International Energy Agency, with contributions from the United States and South Korea.
2026-03-12
South Korean Won Remains Volatile
The South Korean won fluctuated around 1,470 per dollar, remaining highly volatile amid mounting uncertainties in the Middle East and sharp swings in oil prices. The won rallied on Monday as the dollar retreated after US President Donald Trump suggested the Iran conflict could be nearing its end, causing a drop in oil prices and easing inflation concerns. However, the won continued to face selling pressure from foreign investors and a firm dollar, while investors stayed cautious over geopolitical developments. Given South Korea’s heavy dependence on imported energy, fluctuations in crude prices continued to fuel concerns about rising import costs and inflation. Investors monitor policy responses after Finance Minister Koo Yun-cheol said the government could deploy all available tools, including a possible supplementary budget and measures to stabilize domestic fuel prices, aimed at cushioning the economic impact of Middle East tensions.
2026-03-10