The won-dollar exchange rate closed at 1,517.3 won on the 23rd against the U.S. dollar, up 16.7 won from the previous transaction day. Based on the weekly transaction (9 a.m.–3:30 p.m.) closing price, this is the highest level since Mar. 9, 2009 (1,549 won), during the global financial crisis.
This is seen as the result of heightened geopolitical risk as signs point to a prolonged war between the United States and Iran. In such a case, risk appetite tends to shrink and the value of the won, a non-reserve currency, tends to fall.
U.S. President Donald Trump said on the 21st (local time) on his social media Truth Social, "If Iran does not fully open the Strait of Hormuz within 48 hours from now without any threats, the United States will attack and obliterate Iran's various power plants, starting with the largest power plant." The ultimatum time set by Trump is 8:44 a.m. on the 24th Korea time.
Despite Trump's pressure, Iran is not backing down. The day after Trump posted, Spokesperson Ebrahim Zolfaghari of Khatam al-Anbiya, the central military headquarters that commands Iran's armed forces, said, "If the U.S. threat targeting Iran's power plants is carried out, the Strait of Hormuz will be completely closed and will not reopen until the power plants are rebuilt."
Park Sang-hyun, a researcher at iM Securities, said, "With high oil prices persisting, the 1,500-won range in the won-dollar exchange rate is expected to continue."