Korean won rebounds from 17-year low amid drop in oil prices

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Published: 17 Mar. 2026, 11:09

Korean won bills are pictured on Feb. 5. [YONHAP]

The Korean won strengthened against the U.S. dollar on Tuesday, rebounding from a 17-year low in the previous session, supported by a decline in global oil prices.

The won opened at 1,490 per dollar, up 7.5 won from the previous session's 1,497.5 won.

Monday's figure marked the weakest level since March 10, 2009, during the global financial crisis. It briefly touched the psychological and technical 1,500 won mark for the first time during regular trading hours in 17 years.

Global oil prices fell on Monday as U.S. President Donald Trump renewed calls on allies to join efforts to keep the Strait of Hormuz open to ease supply disruptions.

There were also reports of non-Iranian oil tankers passing through the strategic waterway, including a Pakistani-flagged vessel.

The Strait of Hormuz has been effectively shut since the start of the U.S.-Israeli strikes on Iran earlier this month.

Korea's foreign exchange and stock markets have shown heightened volatility amid rising tensions in the Middle East.

The Kospi opened 2.92 percent higher at 5,711.8 on Tuesday, led by gains in large-cap tech shares.

Yonhap