Seoul: The South Korean won fell to a 17-year low against the U.S. dollar Monday amid heightened market volatility as oil prices spiked following the expanding conflict in the Middle East. The won was quoted at 1,495.5 won per dollar at 3:30 p.m., down 19.1 won from the previous session, marking the weakest level since March 12, 2009, when the won-dollar rate hit 1,496.5 won during the global financial crisis.
According to Yonhap News Agency, the currency opened at 1,493 won and hit an intraday low of 1,499.2 won at 10:22 a.m., the lowest level since it previously reached 1,500 won. Investor sentiment has been negatively affected by instability in global energy prices, with the U.S. benchmark West Texas Intermediate (WTI) crude surpassing US$100 per barrel for the first time since July 2022 on Sunday.
The recent decline in the won has also been influenced by a broad dollar rally amid concerns that the U.S.-Israeli operation could escalate into a prolonged regional conflict.