War with Iran Causes Currency Rate to Fall to over 1,500 Won to the Dollar
If you are looking to exchange dollars into Won now is the time to do it because the strengthening dollar may not last long once the war with Iran is over:
South Korean won briefly slid past the 1,500-per-dollar level on Tuesday, marking its first breach of the psychologically important level since 2009, as the greenback surged in value amid the ongoing U.S.-Israel military operations against Iran.
The won fell to nearly 1,506 won against the dollar at around 12:05 a.m. Wednesday (Seoul time), some 30 minutes after the New York Stock Exchange opened. It later recovered to trade back below the 1,500 mark.
The Korean currency hit 1,500 against the dollar for the first time since March 2009 when the world was reeling from the global financial crisis.
In March 2009, the Korean won tumbled, approaching the 1,600-won-per-dollar level.
Analysts said that the won’s plunge this week was driven by the dollar’s rally amid fears that the U.S.-Israel operation could escalate into a broader regional war that could last longer than expected.
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