South Korean Won Hits 2-Year High

2026-10-12 03:45 By Erika Ordonez 1 min. read

The South Korean won traded around 1,333 per dollar, reaching its strongest level since October 2024, as robust export growth and dollar selling by local companies supported the currency.

South Korea’s exports more than doubled year-on-year to a record USD 26.1 billion in the first 10 days of October, led by a 170.9% surge in semiconductor shipments to USD 12.1 billion, reinforcing the favorable external backdrop.

Additionally, chip exporters’ conversion of overseas earnings into won further supported the currency.

Oil prices also eased on hopes that increased Russian diesel supplies could help relieve global fuel shortages, after President Trump said Moscow had agreed to release diesel to global markets and claimed Russia and Ukraine had reached an immediate energy ceasefire.

Meanwhile, elevated US Treasury yields and the prospect of further Fed tightening continued to limit the won’s gains.

Renewed Houthi attacks on Saudi Arabia over the weekend also added to geopolitical risks.



News Stream
South Korean Won Hits 2-Year High
The South Korean won traded around 1,333 per dollar, reaching its strongest level since October 2024, as robust export growth and dollar selling by local companies supported the currency. South Korea’s exports more than doubled year-on-year to a record USD 26.1 billion in the first 10 days of October, led by a 170.9% surge in semiconductor shipments to USD 12.1 billion, reinforcing the favorable external backdrop. Additionally, chip exporters’ conversion of overseas earnings into won further supported the currency. Oil prices also eased on hopes that increased Russian diesel supplies could help relieve global fuel shortages, after President Trump said Moscow had agreed to release diesel to global markets and claimed Russia and Ukraine had reached an immediate energy ceasefire. Meanwhile, elevated US Treasury yields and the prospect of further Fed tightening continued to limit the won’s gains. Renewed Houthi attacks on Saudi Arabia over the weekend also added to geopolitical risks.
2026-10-12
South Korean Won Hits 24-month High
The South Korean Won touched 1332.00 against the USD, the highest since October 2024. Over the past 4 weeks, US Dollar South Korean Won lost 1.11%, and in the last 12 months, it decreased 6.57%.
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South Korean Won Eases
The South Korean won traded around 1,343 per dollar, easing after approaching its strongest level since October 2024, as uncertainty over the Federal Reserve’s policy outlook and elevated oil prices weighed on the currency. The latest Fed meeting minutes highlighted concerns over persistent inflation, while Governor Christopher Waller signaled that further policy tightening may be needed to contain it. The prospect of higher US interest rates could keep the dollar supported and limit the won’s gains. Additionally, oil prices remained elevated amid renewed tensions involving Iran, with Brent crude settling at $104.28 a barrel and WTI at $91.49, raising concerns about imported inflation and higher energy costs for South Korea. Meanwhile, comments from President Donald Trump that the US would not attack Iran before the midterm elections helped ease immediate concerns over further escalation.
2026-10-09