S. Korean currency rebounds from 17-yr low amid drop in oil prices

▲ This Reuters file photo shows tankers sailing in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, the United Arab Emirates, near the border with Oman's Musandam Governorate, on March 11, 2026, amid the U.S.-Israeli conflict with Iran. (PHOTO NOT FOR SALE) (Yonhap)

Korean currency-volatility

S. Korean currency rebounds from 17-yr low amid drop in oil prices

SEOUL, March 17 (Yonhap) -- The South Korean currency gained against the U.S. dollar Tuesday, rebounding from a 17-year low in the previous session, supported by a decline in global oil prices.

The won opened at 1,490 per dollar, up 7.5 won from the previous session's 1,497.5 won.

Monday's figure marked the weakest level since March 10, 2009, during the global financial crisis. It briefly touched the psychological and technical 1,500 won mark for the first time during regular trading hours in 17 years.

Global oil prices fell Monday as U.S. President Donald Trump renewed calls on allies to join efforts to keep the Strait of Hormuz open to ease supply disruptions.

There were also reports of non-Iranian oil tankers passing through the strategic waterway, including a Pakistani-flagged vessel.

The Strait of Hormuz has been effectively shut since the start of the U.S.-Israeli strikes on Iran earlier this month.

South Korea's foreign exchange and stock markets have shown heightened volatility amid rising tensions in the Middle East.

The benchmark Korea Composite Stock Price Index (KOSPI) opened 2.92 percent higher at 5,711.8 on Tuesday, led by gains in large-cap tech shares.

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