The won-dollar exchange rate opened at 1,501 won on the 16th. In weekly transaction (9 a.m.–3:30 p.m.) hours, this is the first time the rate has topped 1,500 won since Mar. 12, 2009, during the global financial crisis. It is also up 7.3 won from the previous trading day.
The rise in the won-dollar exchange rate is seen as stemming from the growing likelihood that the conflict among the United States, Israel, and Iran will drag on. When geopolitical risks mount, the value of the won, which is not a key currency, tends to fall.
On the 14th (local time), the United States carried out airstrikes on Kharg Island, which houses Iran's key crude oil export terminal. According to local media, U.S. Central Command struck more than 90 military facilities, including a naval mine storage site, on Kharg Island, a small coral island in the northern Persian Gulf. It is known that 90% of Iran's exports pass through the island.
Iran has not stopped attacks targeting neighboring countries even after Kharg Island was struck. On the 15th (local time), 23 sites were attacked in Tel Aviv, Israel, sparking small fires. Local media reported that in the process, small fires broke out and two people were injured.
Min Kyung-won, a Woori Bank researcher, said, "Prices of major commodities such as aluminum, fertilizer, and sugar have also surged, raising pessimism that not only oil-driven inflation but also a global economic shock could occur."