Korean won falls to 17-year low against U.S. dollar, trades in 1,530 range

Описание: 원-달러 환율, 중동발 달러 강세에 17년래 최고치 찍어

The South Korean currency surrendered greater ground on this Tuesday to mark its deepest decline against the U.S. dollar in 17 years.
Our Park Jun-han covers this latest plunge and its broader implications.

The Korean won has weakened further against the U.S. dollar as fears grow over the economic impact of conflict in the Middle East.

The won extended a five-day spiral during trading on Tuesday, closing the day at its lowest level since the March 2009 Global Financial Crisis.
In March alone, the won dollar exchange rate went up by 6-point-83 percent to close at 1-thousand-5-hundred-30 won.
This follows a warning from President Donald Trump that the U.S. could target Iranian power plants and energy facilities if a deal to end the month-long conflict isn't reached.
Oil prices have continued to rise, with WTI crude jumping over 3 percent to above 102 dollars per barrel, the highest closing price since 2022.
The weakening of the Korean won is attributed to money flowing into the traditional safe-haven dollar during times of heightened uncertainty.

"If the situation in the Middle East continues and produces a prolonged period of stagflation, it will be difficult for the exchange rate to fall below the 1,500 won level. Because Korea has a high dependency on oil coming from the Middle East, the exchange rate is likely to remain in the 1,500 won range for the time being, although it should decline over the longer term."

Against this backdrop, the Bank of Korea on the same day said it stands ready to take additional action if the foreign exchange market shows excessive one-sided movements.
This came after the central bank revealed it had net selling of around 22-point-47 billion dollars in the foreign exchange market during the fourth quarter of 2025 to stabilize the local currency.
The amount is approximately 13 times more than what it spent in the third quarter.
The nominee for the Bank of Korea’s new governor, Shin Hyun-song, said there were no major concerns over the current level of the Korean currency, emphasizing that dollar liquidity remains ample.
Shin is set to take over after the current governor, Rhee Chang-yong, ends his term in April, if appointed.

"These days, many people tend to link the exchange rate to concerns such as dollar liquidity or capital outflows. But although the exchange rate is high, dollar liquidity remains quite ample at the moment."

However, the governor nominee did mention that the situation in the Middle East is a key short-term risk factor.
He added that rising oil prices are putting upward pressure on inflation, while also posing downside risks to the local economy.

Park Jun-han, Arirang News.

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2026-03-31, 17:00 (KST)