Asian currencies weaken as Korean won hits 17-year low

Tuesday, 24 March 2026 03:28 - - {{hitsCtrl.values.hits}}

Asian currencies weakened against the US dollar on Monday as the South Korean won fell to a 17-year low, breaching 1,510 per dollar amid continued volatility from the Middle East crisis.

The won closed at 1,517.3 per dollar, its weakest level since March 2009 during the global financial crisis. Pressure was also evident across the region, with the Indonesian rupiah hovering near the 17,000 level despite policy support, while India’s rupee and the Philippine peso touched record lows before Central Bank intervention stabilised markets.

Thailand’s baht saw increased bearish positioning on concerns over fuel costs, tourism, and the current account. In contrast, the Singapore dollar remained relatively stable within its policy band, while the Chinese yuan and Malaysian ringgit showed resilience, supported by policy measures and stronger economic signals.