Jane Han is the North America editor for The Korea Times. Based in Seattle, she has covered business, culture and social issues across the United States for over 15 years. She previously worked at The Boston Globe.
Korean won drops below 1,500 per dollar for first time since 2009 financial crisis
Electronic boards show the benchmark KOSPI and other indicators at the dealing room of Hana Bank’s headquarters in central Seoul, Tuesday. Stocks opened lower and the won weakened against the dollar, trading in the 1,460 range before later surging past the 1,500 mark. Yonhap
By Jane Han
The Korean won fell past the 1,500 mark against the U.S. dollar early Wednesday for the first time since March 2009 during the global financial crisis, as escalating military clashes involving the U.S., Israel and Iran sent investors rushing to the dollar.
According to Reuters and other foreign media reports, the won-dollar exchange rate briefly broke above 1,500 won at around 12:20 a.m. on Wednesday.
The rate extended gains to as high as 1,506 won before retreating below the 1,500 won level.
The move reflected a sharp surge in the dollar amid heightened geopolitical uncertainty. The breach marked the first time in 17 years that the won-dollar rate had crossed the 1,500 threshold, a level widely viewed as a psychological support line in local currency markets and last seen during the global financial crisis.