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Dollar-won exchange rate breaks 1,530 during intraday trading for first time since 2008 global financial crisis

Published: 31 Mar. 2026, 13:47

Foreign tourists exchange money at a currency exchange office in Jung District, central Seoul, on March 31. [NEWS1]

The dollar-won exchange rate broke a weak of 1,530 intraday for the first time since the 2008 global financial crisis as fears of a broader Middle East war materialized on Tuesday.

The dollar-won rate opened at 1,519.9 in the Seoul foreign exchange market at around 9 a.m. on Tuesday, weakened by 4.2 won from the previous session. In overnight London trading, the rate had jumped as high as 1,521.1, renewing its post-global financial crisis high.

U.S. President Donald Trump announced Monday that unless Iran reached a peace agreement with the United States soon, he would "completely obliterate" Kharg Island, a major oil export hub, along with the country’s power facilities and oil fields.

The war, which broke out in late February after U.S. and Israeli strikes on Iran, has continued to widen. Iran-aligned Houthi forces in Yemen have since entered the fighting, heightening concerns about further disruptions to global oil supplies.

As of 1:20 p.m. on Tuesday, the exchange rate was at 1,533.9, with the Korean currency weakened by 16.4 won from a day earlier.

The U.S. Dollar Index, which measures the U.S. currency against six major peers, rose for a sixth straight session to 100.564.

“If oil prices rise further because of a wider war between the United States and Iran, the U.S. economy may remain only weak rather than collapse, but it would be highly likely to enter a so-called stagflation phase,” said Park Sang-hyun, an analyst at iM Securities.

“An additional rise in U.S. Treasury yields, driven by mounting inflation pressure alongside a shallow recession, would strengthen the global preference for safe-haven assets and add further upward pressure on the dollar-won exchange rate.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY JANG GU-SEUL [[email protected]]