The exchange rate of the South Korean won against the US dollar closed below the 1500 mark, hitting a new low since the financial crisis.

The escalating tensions in the Middle East combined with soaring oil prices dealt a double blow to the foreign exchange market in Seoul, South Korea on the 19th. The exchange rate of the Korean won against the US dollar closed below the 1500 won mark, hitting a new low since the financial crisis. After the market opened that day, the Korean won weakened significantly against the US dollar, dropping by 21.9 won at the opening to touch a low of 1505.0 won. The exchange rate briefly rebounded, reaching 1494.5 won around 11:34 am, but later the depreciation widened again.