Won hits its weakest against dollar since 2009 crisis at 1,472.9
Published: 31 Mar. 2025, 19:12
![A screen in Hana Bank's trading room in central Seoul shows the won's value against the greenback on March 31. The won was trading at 1,472.9 won against the greenback at 3:30 p.m., up 6.4 won from the previous session. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/03/31/72d486eb-5201-47b6-a07d-41b67e86e2e0.jpg)
A screen in Hana Bank's trading room in central Seoul shows the won's value against the greenback on March 31. The won was trading at 1,472.9 won against the greenback at 3:30 p.m., up 6.4 won from the previous session. [NEWS1]
Korea’s currency continued to weaken against the dollar amid persistent external pressures, falling to its lowest level since the global financial crisis in 2009 on Monday.
The won was trading at 1,472.9 against the greenback at 3:30 p.m., up 6.4 won from the previous session.
This marks the weakest level for the local currency on a weekly closing basis in around 16 years since March 13, 2009, when it ended at 1,483.5.
The won opened Monday at 1,470.6 against the dollar, up 4.1 won from the previous day. It was the first time since Jan. 13 — when the opening rate was 1,473.2 — that it began the session above the 1,470 mark.
The depreciation in value came despite a broad decline in the dollar globally. The U.S. Dollar Index, which measures the greenback against six currencies including the euro and Japanese yen, fell 0.44 percent to 103.87.
“The market is now focused on how it will interpret the U.S. announcement on reciprocal tariffs — whether it views it as a major negative or if it resolves uncertainty,” said Park Sang-hyun, an analyst at iM Securities.
“There is still room for the won to further depreciate to the 1,500 level in the near future," Park added.
Baek Seok-hyun, an economist at Shinhan Bank, echoed that sentiment.
“Until the details of the reciprocal tariff policy are clarified, market anxiety will likely continue, putting further pressure on the won,” he said.
Shinhan Bank’s Solution and Trading Center also noted in a recent report that under ongoing global trade tensions and domestic political and policy uncertainties, volatility in the won-dollar exchange rate is inevitable. The center projected that the exchange rate could reach 1,500 won against the dollar in the second quarter.
Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM KYUNG-HEE, KIM DO-NYUN [[email protected]]
with the Korea JoongAng Daily
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