Korean won depreciates against greenback for 3rd session amid Middle East crisis

The Korean won depreciated further against the U.S. dollar Wednesday, as the greenback strengthened amid an ongoing conflict in the Middle East. The won opened at 1,479 won per dollar, down 12.9 won from the previous session, extending its losses for the third consecutive session. Overnight, the currency briefly slid past the 1,500 won mark, breaching the psychologically important level for the first time since March 2009, when the country was grappling with the global financial crisis. The currency had hovered above the key 1,450 won threshold in recent weeks after rebounding from a multiyear low near 1,500 won late last year, but has fallen sharply this week amid geopolitical tensions. The won's lowest level this year was 1,478.1 per dollar, recorded on Jan. 20. The recent decline has been driven by a broad dollar rally amid concerns that the U.S.-Israel operation could escalate into a prolonged regional war. Financial market volatility has intensified in Korea, with the benchmark Korea Composite Stock Price Index (KOSPI) falling 4.12 percent to 5,553.18 as of 9:10 a.m.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times