'100-Dollar Oil' Pushes Won-Dollar Exchange Rate Near 1,500 Won (Update)
by Lee Kimin
Published 09 Mar.2026 09:33(KST)
Updated 09 Mar.2026 09:40(KST)
Opened at 1,493 won, up 16.6 won from previous session
Highest level since the 2009 financial crisis
The won-dollar exchange rate surpassed 1,490 won over the weekend due to a sharp rise in oil prices. This is attributed to growing concerns over stagflation-a combination of economic stagnation and rising prices-as international crude oil prices exceeded $100 per barrel, fueling risk aversion sentiment in the market.
On March 9, at the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,493.0 won, up 16.6 won from the previous trading day. This marks the highest level since March 12, 2009, during the financial crisis, when the peak was 1,500.0 won.
This surge is due to signs of a prolonged crisis in the Middle East, following Iran's move to appoint Mojtaba Khamenei, the son of the late Supreme Leader Ayatollah Seyed Ali Khamenei, as the next supreme leader. If the situation in the Middle East persists, the closure of the Strait of Hormuz may also be extended, which is expected to drive up oil prices and consumer prices, inevitably impacting the Korean economy.
In particular, international crude oil prices rose across the board as concerns mounted over a reduction in Qatar's oil exports and the possibility of a halt in oil production. As of around 7 a.m. Korean time on this day, both Brent crude and West Texas Intermediate (WTI) crude surpassed $100 per barrel. WTI hit $107.54 per barrel-the first time it has exceeded $100 since July 2022-while Brent crude soared 10% from the previous session to trade at $102.20.
Amid concerns over stagflation and a strong dollar trend, the Korean won is weakening. The dollar index, which measures the value of the U.S. dollar against six major currencies, surged from the high 98 range the previous day to 99.540 in the mid-99 range, up 0.59%. The daily volatility of the won-dollar exchange rate averaged 13.2 won in weekly trading through March 6-its highest level since the COVID-19 pandemic.
Meanwhile, the yen is also weakening. The yen-dollar exchange rate rose 0.31% to 158.391. At the same time, the won-yen cross rate stood at 943.01 won per 100 yen, up 8.14 won from the previous session's 3:30 p.m. reference rate of 934.87 won.
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