2026.04.3004:35:01UTC+00South Korean Won Gains in April

The South Korean won strengthened by about 1.3% to around 1,485 per dollar in April, rebounding from late March’s more-than-decade low near 1,500. The recovery was underpinned by a modest pullback in the US dollar as risk sentiment improved after a period of market volatility, providing short-term relief for Asian currencies that had earlier come under pressure from safe-haven demand.

Regional risk appetite also improved, buoyed by sustained optimism in global technology stocks, which in turn supported capital flows into export-oriented Asian economies such as South Korea. However, the won’s gains were constrained by escalating geopolitical tensions in the Middle East and a sharp climb in oil prices toward $120 per barrel following the US–Iran standoff. Those developments intensified concerns about South Korea’s energy import bill and inflation trajectory. Additionally, the Federal Reserve’s decision to keep interest rates on hold while signaling continued uncertainty helped maintain support for the US dollar, limiting further appreciation of the KRW.