Photo courtesy of Anadolu.
The South Korean won weakened to its lowest level in 17 years on Monday amid rising global oil prices and escalating tensions in the Middle East, local media reported.
The currency opened at 1,501 per dollar, down 7.3 won from the previous trading session, briefly dropping below the 1,500-won mark for the first time since March 12, 2009, when the global financial crisis struck, Yonhap News Agency said.
Traders later saw the won recover slightly, with the exchange rate fluctuating in the mid-1,490 range.
The decline came as oil prices climbed following remarks by US President Donald Trump, who said the war with Iran could continue for several more weeks and urged international support to reopen the Strait of Hormuz to oil tankers.
The conflict entered its third week, causing major disruptions to global oil supplies after the Strait of Hormuz, a key shipping route controlled by Iran, was effectively closed following US-Israeli strikes on February 28.
The attacks reportedly killed around 1,300 people, including Iran’s former Supreme Leader Ayatollah Ali Khamenei.
In response, Iran launched drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries that host US military assets.
