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Korean currency rebounds from 17-year low on hopes for Middle East de-escalation

Published: 24 Mar. 2026, 11:05 Updated: 24 Mar. 2026, 11:52

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on March 24. [YONHAP]

The won strengthened sharply against the dollar on Tuesday, recovering from a 17-year low in the previous session, after U.S. President Donald Trump delayed planned strikes on Iranian energy infrastructure amid talks to end the conflict.

The won strengthened 26.4 won against the dollar, opening at 1,490.9 per dollar, up from the previous session's 1,517.3 won.

Monday's level marked the weakest since March 9, 2009, when the won fell to 1,549 during the global financial crisis.

The domestic and global foreign exchange and stock markets have experienced heightened volatility as U.S.-Israeli strikes on Iran that began late last month have escalated into a broader regional conflict.

On Monday, Trump announced he ordered a five-day postponement of threatened strikes on Iranian energy facilities, citing "constructive" discussions on ending the war in the Middle East.

Earlier, Trump had warned that the United States would "obliterate" Iran's power plants unless Tehran lifted its blockade of the Strait of Hormuz within 48 hours, with the deadline expiring late Monday.

The Strait of Hormuz has been effectively shut since the start of the conflict, disrupting global oil supplies.

Yonhap