2026.04.2906:10:59UTC+00South Korean Won Weakens

The South Korean won weakened toward 1,478 per dollar after briefly hitting a one-week high, as investors stayed cautious ahead of the US Federal Reserve’s policy decision and continued to factor in elevated global energy prices. Risk sentiment was dampened by uneven performance across Asian equity markets and renewed caution over global technology valuations, underpinning modest demand for the US dollar and curbing appetite for risk-sensitive Asian currencies. At the same time, high crude prices, with Brent holding above $111 per barrel amid ongoing geopolitical tensions and supply disruptions, intensified pressure through higher expected import costs for Korea, reinforcing depreciation pressure on the won. These dynamics also kept concerns elevated about Korea’s external balance, given its heavy dependence on energy imports. Expectations for Fed policy remained largely unchanged, with markets fully pricing in a pause ahead of the decision, offering little near-term counterweight to dollar strength.