SEOUL, March 9 (Bernama-Yonhap) -- The South Korean won depreciated sharply against the US dollar Monday, hitting its lowest point since the 2008 global financial crisis, as oil prices spiked amid the expanding conflict in the Middle East.
Yonhap News Agency reported that the won traded at 1,494.55 won per dollar as of 9:.5 am., down 19.05 won from the previous session.
It marked the lowest intraday won-dollar rate since March 12, 2009, when the rate hit 1,500 won.
Investor sentiment was dampened by instability in global energy prices. The US benchmark West Texas Intermediate (WTI) crude surpassed US$100 per barrel for the first time since July 2022 on Sunday (US time).
The recent decline in the won has been driven also by a broad dollar rally amid concerns that the US-Israel operation could escalate into a prolonged regional war.
The US Dollar Index, a widely used measure of the US dollar's strength against a basket of six major currencies, including the euro and Japanese yen, reached 99.54, up 0.59 percent from the previous session.
The currency volatility also weighed heavily on the South Korean financial market, with the benchmark Korea Composite Stock Price Index (KOSPI) falling 6.72 percent to 5,209.75 as of 9.45 am.
-- BERNAMA-YONHAP
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