The South Korean won weakened further against the US dollar on Wednesday, as the greenback gained strength amidst continued conflict in the Middle East.
The won opened trading at 1,479 per dollar, a decrease of 12.9 won from the previous session, marking its third consecutive day of losses.
During overnight trading, the currency briefly dipped below the 1,500 won mark, crossing this significant psychological threshold for the first time since March 2009, a period when South Korea was navigating the global financial crisis.
After recovering from a multi-year low near 1,500 won late last year, the currency had remained above the 1,450 won level in recent weeks, but has experienced a sharp decline this week amid rising geopolitical tensions. The won’s weakest point this year was 1,478.1 per dollar, recorded on January 20.
This recent depreciation is largely attributed to a widespread dollar rally, fueled by worries that the US-Israel operation could escalate into a protracted regional war.
