South Korean Won Hits Weakest Level Since 2009

2026-03-23 02:34 By Erika Ordonez 1 min. read

The South Korean won fell past 1,500 per dollar, marking its weakest level since March 2009, as escalating US–Iran tensions rattled markets.

The US set a 48-hour deadline for Tehran to reopen the Strait of Hormuz, warning that failure could trigger strikes on Iranian energy facilities, while Iran threatened regional energy and water infrastructure and said it could close the strait if attacked.

Risk-off sentiment was compounded by foreign selling of local assets, with net outflows totaling 1.8 trillion won, keeping downward pressure on the currency.

South Korea’s heavy reliance on energy imports amplifies the impact of oil price spikes, while broader Asian market weakness, including sharp losses in the KOSPI, further boosted safe-haven demand for the US dollar.

The government and ruling party are preparing a 25 trillion-won supplementary budget to cushion the economy from rising energy costs and support vulnerable groups.



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