KRW to USD Historical Exchange Rates

1997 Asian Financial Crisis. The won collapsed from roughly 800 per USD to over 1,900 at the worst point. Korea received a $58 billion IMF bailout and undertook sweeping chaebol reforms. The won never fully recovered pre-crisis levels and has traded structurally weaker since. For younger Koreans, this is ancient history; for anyone over 45 it's still a living memory that shapes how people think about currency risk.

2008 Global Financial Crisis. KRW/USD spiked again — from around 900 pre-crisis to 1,570 at the 2009 low — as dollar liquidity dried up and foreign capital pulled out of Korean assets. The Bank of Korea and the Fed established a $30 billion swap line, which helped stabilize the currency within months.

2020 COVID panic. KRW temporarily hit 1,285 per USD in March 2020 before recovering. The episode was brief by historical standards — Korean manufacturing demand from semiconductor and auto exports helped the won recover faster than most emerging-market currencies.

2022-2023 dollar strength. The won weakened sharply as the Fed hiked aggressively and the Bank of Korea lagged. KRW/USD reached 1,450 in late 2022 — the weakest level since 2009. The Korean finance ministry verbally intervened multiple times; BoK accelerated its own hiking cycle.

2024-2026 range trade. Since late 2023, KRW/USD has traded in the 1,300-1,450 band. Semiconductor cycle dynamics (Samsung/SK Hynix export strength), China's growth trajectory, and Fed-BoK policy gaps are the main drivers. Any sharp North Korea headlines add short-term volatility that typically fades within days.