The Korean won breached the 1,500-per-dollar level during trading for the first time since the global financial crisis, as the U.S.-Iran conflict drove a surge in dollar demand.
The won weakened to 1,506 per dollar around 12:20 a.m. Korea time on the 4th before retreating below 1,500, according to Reuters. The currency was trading at 1,490 per dollar as of 1:15 a.m. Korea time, Investing.com data showed.
The last time the won traded above 1,500 was in March 2009, during the height of the global financial crisis, marking a 17-year gap. Signs that the conflict could become protracted have unsettled markets broadly, boosting demand for the safe-haven dollar.
Brent crude and West Texas Intermediate oil prices surged approximately 8% during the same period, while the three major New York stock indexes fell in the upper 1% range.