South Korean won hits 17-year low as Middle East tensions rattle markets

The South Korean currency fell to its weakest level in 17 years against the US dollar on March 19, as escalating tensions in the Middle East and surging global oil prices triggered volatility across financial markets.

The won was quoted at 1,501 won ($1.00) per dollar, down 17.9 won from the previous session. It marked the currency’s lowest level since March 10, 2009, when it traded at 1,511.1 won ($1.00) during the global financial crisis, Caliber.Az reports via Yonhap.

Foreign exchange and stock markets in Asia’s fourth-largest economy have experienced heightened volatility since early March, following US-Israeli strikes on Iran that have fuelled concerns over energy supplies and inflationary pressures.

On March 16, the won briefly touched the 1,500-won (approximately $1.00) threshold in intraday trading for the first time since March 2009, underscoring investor anxiety over geopolitical risks and their potential economic fallout.

By Sabina Mammadli