SEOUL: South Korean authorities are on heightened alert and signaling possible verbal intervention, as a Middle East-driven oil shock keeps pressure on the won, pushing the dollar-won monthly average toward crisis-era levels. “Major currencies such as the won, yen and euro are all weakening as the dollar strengthens,” Finance Minister Koo Yun-cheol told reporters in Tokyo on Saturday (March 14) after meeting his Japanese counterpart. The won weakened sharply toward the end of the week, breaching the 1,500 threshold in overnight trading Friday, according to Seoul Money Brokerage Services data. The currency depreciation has tracked a renewed jump in crude oil as the Middle East conflict shows little sign of easing. KB Securities analyst Oh Jae-young also warned that the won may remain especially vulnerable because Asia has a heavy reliance on energy imports and Middle Eastern supplies.

Source: The Star March 15, 2026 16:05 UTC