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Won again slumps against dollar amid prolonged Iran conflict

Published: 26 Mar. 2026, 13:46

This screen capture taken from undated UGC images posted on social media on March 23 shows destruction and fire at the Iranian ministry of defense's electronics industries building in Tehran following a strike. Iranian media said on March 23 that there were no negotiations between Tehran and Washington after U.S. President Donald Trump announced talks toward ending the war. [AFP/YONHAP]

The won weakened against the dollar on Thursday amid mixed signals from the United States and Iran regarding negotiations to end their monthlong conflict.

The won opened at 1,503.2 per dollar, 3.5 won weaker from the previous session.

The White House said Wednesday that the United States and Iran have engaged in "productive" talks, while Tehran insisted that no negotiations with Washington have taken place so far.

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

The won has hovered around the psychologically significant threshold of 1,500 won in recent sessions and had plunged to as low as 1,517.3 won on Monday, marking its lowest level in 17 years.

Global oil prices have risen markedly as the Strait of Hormuz has effectively been closed, disrupting global oil supplies. Korea is heavily dependent on energy imports.

Yonhap