S. Korean won falls to 17-year low amid Middle East crisis
The South Korean won dropped to its weakest level in 17 years against the U.S. dollar on Monday, as surging oil prices and escalating conflict in the Middle East rattled global markets, Qazinform News Agency refers to Yonhap.
At 3:30 p.m., the won was quoted at 1,495.5 per dollar, down 19.1 won from the previous session. This marks the lowest level since March 12, 2009, when the currency hit 1,496.5 won during the global financial crisis.
The won-dollar rate opened at 1,493 won and briefly touched 1,499.2 won in morning trading, the weakest intraday level since 2009.
Investor sentiment has been undermined by instability in energy markets. U.S. benchmark West Texas Intermediate (WTI) crude surpassed 100 US dollars per barrel on Sunday for the first time since July 2022.
Earlier, Brent crude oil price exceeds $119 per barrel for first time since June 17, 2022.
