On March 23rd, exchange rates and the KOSPI index are displayed on a screen at the dealing room of Hana Bank headquarters in Jung-gu, Seoul. On this day, the KRW/USD exchange rate closed at 1,517.3 won, up 16.7 won, and the KOSPI closed at 5,405.75, down 375.45 points (6.49%) from the previous trading day. 2026.3.23 seephoto@yna.co.kr

The domestic financial market experienced a volatile trading session on March 23rd, swayed by a single statement from U.S. President Donald Trump.

Amidst fears of escalating conflict in the Middle East, exchange rates and interest rates surged, and stock prices plummeted. However, the market sentiment reversed sharply when President Trump adopted a conciliatory tone.

As of 8:50 PM on March 23rd, the Korean Won's exchange rate against the U.S. dollar in the Seoul foreign exchange market was 1,492.5 won.

After closing the weekly trading at 1,517.3 won at 3:30 PM, it remained in the 1,510 won range before rapidly falling to the 1,480 won range after 8 PM.

Earlier, President Trump stated on the 21st (local time) that if Iran did not fully open the Strait of Hormuz within 48 hours, he would devastate Iranian power plants.

In response, the Iranian military retorted, "We will respond even more severely to any attack from hostile nations," further heightening tensions originating from the Middle East.

However, President Trump's announcement approximately two hours before the New York stock market opened, stating that he had "instructed the Department of Defense to defer all military strikes on Iranian power plants and energy facilities for five days," led to a resurgence of expectations for an early end to the conflict.

The dollar index, which measures the dollar's value against six major currencies, surged to 100.146 around 8 PM before plummeting to 99.119 immediately after President Trump's remarks.

The yen/dollar exchange rate also sharply declined to 158.271 yen after nearing 160 yen.

The stock market also saw a moment of optimism.

As of 8:50 PM, the Nasdaq 100 futures index on the New York stock market was rising by nearly 2%.

Korean index-tracking exchange-traded funds (ETFs) listed on the New York Stock Exchange, such as EWY, FLKR, and KORU, also experienced a synchronized surge in pre-market trading.

The KOSPI closed the day on the Korea Composite Stock Price Index down 375.45 points (6.49%) at 5,405.75, having fallen to 5,397.94 during the session, but the possibility of a rebound on the 24th has increased.

Virtual assets are also showing strength.

On the domestic exchange Upbit, one Bitcoin is trading at 104.4 million won, up 2.34% from the previous day.

Ethereum is trading at 3.172 million won, up 2.92%, and XRP (Ripple) is trading at 2,106 won, up 1.20%.