KRW to USD Exchange Rate Closes Above 1,500 Won for First Time Since Financial Crisis (Update)

Highest Level Since March 10, 2009
(1,511.5 won, Based on Weekly Closing Price)

The KRW to USD exchange rate closed above 1,500 won for the first time since the global financial crisis, ending the week’s trading above this key level. This was driven by factors such as a surge in international oil prices amid heightened tensions in the Middle East.

On the 19th, the won-dollar exchange rate information is displayed in the dealing room at the Seoul Headquarters of Hana Bank.

On the 19th, in the Seoul foreign exchange market, the weekly closing price for the KRW to USD exchange rate (as of 3:30 p.m.) was 1,501.0 won, up 17.9 won from the previous trading day. This marks the highest weekly closing price since March 10, 2009, when it reached 1,511.5 won. That day, the KRW to USD exchange rate opened at 1,505.0 won, a sharp increase of 21.9 won from the previous day. It fell to 1,494.6 won at around 11:34 a.m., but then the upward momentum resumed, with the rate fluctuating near 1,500 won during the afternoon session.

Overnight, Israel bombed Iran’s largest gas field, South Pars, and Iran retaliated by attacking major gas facilities in Qatar, which strengthened risk-averse sentiment in the markets. The price of Brent crude for May delivery surged to over 110 dollars per barrel, reflecting a sharp rise in international oil prices.

At the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) regular meeting overnight, a hawkish stance was confirmed, stating that ‘there will be no interest rate cuts unless there is progress on inflation.’ The U.S. dollar strengthened. The dollar index, which measures the value of the dollar against the currencies of six major countries, jumped above the 100 mark. As of 4:30 p.m., it stood at 100.166.

This content was produced with the assistance of AI translation services.