The won hits its lowest level in 17 years.

The South Korean won opened lower against the US dollar on March 31, hitting its lowest level in 17 years, as escalating conflict in the Middle East raised concerns about further disruptions to global oil supplies and broader economic impacts.

The South Korean won. Photo: Yonhap/VNA

According to the Vietnam News Agency correspondent in Seoul, the opening exchange rate continued its sharp decline at 1,519.9 won/USD, down 4.2 won from the previous session. This drop marks the lowest level since March 10, 2009, when the won fell to 1,561 won/USD during the day's trading session as South Korea grapples with the global financial crisis.

In recent trading sessions, the won has fluctuated around the 1,500 won/USD mark – a psychologically important level – and fell to a low of 1,517.3 won/USD last weekend, as US-Israeli military operations targeting Iran began in late February, lasting a month but showing no signs of ending.

Escalating conflict has driven global oil prices higher. US West Texas Intermediate (WTI) crude oil futures for May 2026 delivery rose 3.25% to $102.88 per barrel, surpassing the $100 per barrel closing price for the first time since July 2022.

The instability of the South Korean and global economies caused the Korean Composite Index (KOSPI) to open trading on March 31st with a nearly 3% drop due to heavy selling by foreign investors.

Source: https://baotintuc.vn/thi-truong-tien-te/dong-won-cham-muc-thap-nhat-trong-17-nam-20260331093200300.htm