Won-Dollar Exchange Rate Surpasses 1,500 Won in After-Hours Trading for First Time Since Financial Crisis

Rose to 1,506 Won During the Session, Closed at 1,485.7 Won
Rapid Surge Driven by Soaring Global Dollar and Low Trading Volume

The won-dollar exchange rate surpassed the 1,500 won mark during overnight trading for the first time since the global financial crisis. This surge was driven by the sharp rise of the US dollar globally amid the military conflict between the United States, Israel, and Iran.

Amid ongoing geopolitical instability due to the war between the United States and Iran, the KOSPI index and others are displayed on the status board at the Hana Bank dealing room in Jung-gu, Seoul on the 3rd. On this day, the KOSPI index closed at 5,791.91, down 452.22 points (7.24%) from the previous trading day, while the KOSDAQ closed at 1,137.70, down 55.08 points (4.62%). Photo by Yonhap News

At 2:00 a.m. on March 4, the won-dollar exchange rate closed at 1,485.7 won in overnight trading, up 19.6 won from the closing price of the Seoul foreign exchange market's regular session (as of 3:30 p.m.). The exchange rate continued to climb during overnight trading and surpassed 1,500 won at around 12:05 a.m., about 30 minutes after the opening of the New York Stock Exchange on March 4. It then soared to nearly 1,506 won during the session before partially retreating and finishing trading in the mid-1,480 won range. The previous day's closing price for the regular session was 1,466.1 won, up 26.4 won from the prior trading day.

This is the first time in 17 years that the won-dollar exchange rate has exceeded 1,500 won since March 2009, during the global financial crisis. At that time, the exchange rate approached the 1,600 won level. The sharp rise in the US dollar, combined with lower trading volume compared to regular sessions, is interpreted as the reason for the rapid increase within a short period.The dollar index, which reflects the value of the US dollar against six major currencies, jumped to 99.678 at around 12:20 a.m. on March 4 before retreating, moving around the 99.0 level as of approximately 8:00 a.m.

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