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S. Korean Won Falls to Seventeen-Year Low
(MENAFN) South Korea’s currency weakened sharply on Monday, reaching its lowest level in 17 years as global oil prices continued to climb amid intensifying tensions in the Middle East, according to reports.
The South Korean won opened trading at 1,501 per US dollar, declining by 7.3 won compared with the previous session. During the day, the currency crossed the 1,500-won threshold in intraday trading for the first time since March 12, 2009, when the country was dealing with the effects of the global financial crisis, as stated by reports.
Later in the session, the currency recovered some of its earlier losses and moved within the mid-1,490 won range.
According to reports, the depreciation came as oil prices surged overnight after US President Donald Trump indicated that the conflict with Iran could continue for several more weeks. He also urged the international community to assist in reopening the Strait of Hormuz for oil tanker traffic.
The conflict has now entered its third week and is reportedly causing major disruptions to global oil supply. The Strait of Hormuz, a vital maritime route under Iran’s control, has effectively remained closed since the beginning of the US-Israeli offensive against Iran on Feb. 28.
Reports say the ongoing hostilities have escalated since then, resulting in around 1,300 deaths, including the country’s then-Supreme Leader Ayatollah Ali Khamenei.
Iran has responded with drone and missile attacks aimed at Israel, Jordan, Iraq and several Gulf states that host US military facilities, according to reports.
The South Korean won opened trading at 1,501 per US dollar, declining by 7.3 won compared with the previous session. During the day, the currency crossed the 1,500-won threshold in intraday trading for the first time since March 12, 2009, when the country was dealing with the effects of the global financial crisis, as stated by reports.
Later in the session, the currency recovered some of its earlier losses and moved within the mid-1,490 won range.
According to reports, the depreciation came as oil prices surged overnight after US President Donald Trump indicated that the conflict with Iran could continue for several more weeks. He also urged the international community to assist in reopening the Strait of Hormuz for oil tanker traffic.
The conflict has now entered its third week and is reportedly causing major disruptions to global oil supply. The Strait of Hormuz, a vital maritime route under Iran’s control, has effectively remained closed since the beginning of the US-Israeli offensive against Iran on Feb. 28.
Reports say the ongoing hostilities have escalated since then, resulting in around 1,300 deaths, including the country’s then-Supreme Leader Ayatollah Ali Khamenei.
Iran has responded with drone and missile attacks aimed at Israel, Jordan, Iraq and several Gulf states that host US military facilities, according to reports.
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