The won-dollar exchange rate surged to the mid-1,520 won range on March 31 as concerns over a prolonged Middle East war drove the rate higher during trading.
As of 10 a.m. on the Seoul foreign exchange market, the won traded at 1,526.7 won per U.S. dollar, up 11 won from the previous day's closing price. The rate opened at 1,519.9 won, up 4.2 won, and continued to climb during the session.
The won came under downward pressure as oil prices rose and the dollar strengthened on expectations of a prolonged Iran conflict.
Overnight, U.S. President Donald Trump said on social media that he would devastate Iran's power plants and other infrastructure if a deal with Iran is not reached soon. Israeli Prime Minister Benjamin Netanyahu said in an interview with a U.S. media outlet that "more than half of the war's objectives have been achieved," but did not provide a timeline for ending the conflict.
International oil prices continued to rise. The May delivery West Texas Intermediate (WTI) crude futures settled at $102.88 per barrel, up 3.25%, closing above $100 for the first time in three years and eight months since July 2022.
The dollar continued to strengthen. The U.S. Dollar Index (DXY), which measures the dollar's value against six major currencies, rose 0.091 to 100.564, extending its rally to a sixth consecutive day.
