Korean won tumbles to 17-year low as oil prices, dollar surge

The Korean currency tumbled to a 17-year low, sliding past 1,510 won per dollar Monday as the unresolved Middle East crisis continued to rattle global financial markets. The growing tensions also affected the stock markets, as the country’s benchmark KOSPI, which topped 6,000 points for the first time on Feb. 25, fell more than 6 percent, slipping close to 5,400 amid heavy selling pressure. In Seoul’s foreign exchange market, the exchange rate opened at 1,504.9 won per dollar, up 4.3 won from the previous session, and closed at 1,517.3 won, up 16.7 won, in onshore trading. This marks the local currency’s weakest level since March 10, 2009, during the global financial crisis, when it briefly weakened to 1,561 won per dollar. The exchange rate had ended at 1,501 and 1,500.6 last Thursday and Friday, respectively, and has since weakened further, remaining above 1,500 won per dollar. The won has come under pressure as heightened tensions involving the United States, Israel and Iran have driven investors toward safe-haven assets such as the dollar, compounded by Korea’s heavy reliance