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Korean won weakens against dollar amid ongoing Middle East instability

Published: 11 Mar. 2026, 11:36

A screen in Hana Bank's trading room in central Seoul shows the dollar-won exchange rate and the Kospi opening on March 11. [YONHAP]

The Korean won fell slightly against the dollar Wednesday, following a marked increase the previous day, as heightened market volatility continued amid the Middle East crisis.

The won weakened 4.8 won from the previous session to open at 1,474 per dollar.

The foreign exchange market and global oil prices have shown high volatility since last week as the U.S.-Israeli attacks on Iran have escalated tensions across the broader Middle East region.

Global oil prices experienced sharp intraday swings overnight amid mixed messages from U.S. officials about the country's escort of oil tankers through the Strait of Hormuz.

On Monday, the won fell to its lowest level since March 12, 2009, when the country was reeling from the global financial crisis, but sharply rebounded the following session after U.S. President Donald Trump hinted that the war could end soon.

The benchmark Kospi opened 2.28 percent higher at 5,658.72 on Wednesday amid easing risk-off sentiment, as institutional buying offset foreign selling.

Yonhap