US Dollar to South Korean Won exchange rate history 1981 to 2026: exports and the won
One US Dollar bought 686.073 KRW in 1981 and 1,448.410 KRW in 2026. Exports and the won. The series covers 46 years of annual data.
- 2026 avg
- 1,448.41
- year to date
- Highest avg
- 1,448.41
- 2026
- Lowest avg
- 674.13
- 1989
- Traded range
- 667.20 to 1,960.00
- low 1989, high 1997
Source: Federal Reserve H.10 (DEXKOUS). Latest daily observation 2026-10-30.
Annual averages of daily observations.
USD/KRW in four numbers
- Change since 1981
- +107.2%
- 45 complete years
- Change over 10 years
- +25.7%
- 2015 to 2025
- Average annual change
- +2.8%
- standard deviation 17.8 points
- Largest drawdown
- 45.1%
- 1997 to 2006
USD/KRW since 1981
US Dollar to South Korean Won averaged 686.073 KRW in 1981 and 1,421.396 KRW in 2025, 107.2% higher across 45 complete years.
The annual average has ranged from 674.129 in 1989 to 1,448.410 in 2026. On individual trading days the series reached 667.200 and 1,960.000, a ratio of 2.9 to 1.
Semiconductors, exports and the Korean won
USD/KRW is an export-cycle pair. The Korean won is a free-floating currency linked to Korea's large export sector, especially semiconductors and autos.
Korea's exports are concentrated in semiconductors, autos and petrochemicals, so the won tracks the global electronics cycle. Export-led economies are sensitive to the global electronics and manufacturing cycle, so the currency often moves with orders, semiconductor prices and trade policy rather than with domestic consumption alone.
The won is also one of the more liquid emerging Asian currencies, which makes it sensitive to global risk appetite. Over 45 complete years the average moved +107.2%, and the largest annual move was +100.0% in 1997.
What moves USD/KRW
USD: The US dollar is the world's main reserve currency and the base leg for most foreign exchange trading.
KRW: The Korean won is a free-floating currency linked to Korea's large export sector, especially semiconductors and autos.
For USD/KRW, the USD leg responds to Federal Reserve policy, US inflation and Treasury yields, safe-haven demand, while the KRW leg responds to semiconductor and export cycles, Bank of Korea policy, global risk appetite. The exchange rate is the market's attempt to balance the two sets of forces.
How wide is the USD/KRW range?
The highest single observation in the series was 1,960.000 in 1997, and the lowest was 667.200 in 1989. That is a ratio of 2.9 to 1 between the two extremes.
Annual averages are narrower than single-day levels because they smooth the intra-year swings. Even so, the average has ranged from 674.129 to 1,448.410, a spread that matters for anyone converting at different points in the cycle.
The five largest USD/KRW moves
Ranked by absolute year-end change, the five largest moves were 1997 (+100.0%), 2008 (+34.9%), 1998 (-28.9%), 2024 (+14.5%), 1988 (-13.6%). The biggest was 1997, when the rate moved from 847.500 to 1,695.000, a change of 100.0%.
Across 45 complete years the pair rose in 25 and fell in 19. The average annual change was +2.8% with a standard deviation of 17.8 percentage points, which is one way to compare its volatility with other pairs.
How to read the USD/KRW data
The annual figures are averages of the daily observations in Federal Reserve H.10 (DEXKOUS). Highs and lows are the most extreme single observations in each calendar year, not intraday highs. Some years have fewer than 200 published trading days (1981), so their averages are based on partial coverage. No figure on this page is estimated or interpolated.
USD/KRW history: the years that moved the rate
Each event below is dated and tied to one of the currencies in this pair.
- 1997 1997-07-02
Thai baht floats and the Asian crisis spreads
Thailand abandoned the baht's dollar peg on 2 July 1997. Pressure spread to other Asian currencies, including the Korean won, Malaysian ringgit, Singapore dollar and Taiwan dollar.
- 1997 1997-11-21
South Korea requests an IMF programme
South Korea asked the International Monetary Fund for standby loans as the won fell sharply. The IMF approved a $58 billion programme in December 1997.
- 2008 2008-09-15
Lehman Brothers files for bankruptcy
The collapse of Lehman Brothers triggered a global financial crisis, a flight into the US dollar and extreme volatility across currency markets.
- 2020 2020-03-15
Pandemic triggers a global dash for cash
The COVID-19 shock caused a worldwide sell-off and a surge in demand for US dollars, followed by large central bank intervention and emergency rate cuts.
USD/KRW annual average, 1981 to 2026
Annual average with the full trading range for each year. average high–low range
Source: Federal Reserve H.10 (DEXKOUS). Figures are annual averages of daily observations.
USD to KRW exchange rate by year
Every year since 1981: annual average, the year high and low, the year-end rate, and the change on the previous year.
| Year | Average | High | Low | Year end | Change |
|---|---|---|---|---|---|
| 1981 | 686.07 | 700.75 | 675.40 | 700.75 | n/a |
| 1982 | 731.94 | 747.95 | 701.25 | 747.95 | +6.7% |
| 1983 | 776.05 | 800.15 | 747.85 | 800.15 | +7.0% |
| 1984 | 807.93 | 829.50 | 792.40 | 829.50 | +3.7% |
| 1985 | 872.45 | 895.70 | 829.50 | 892.50 | +7.6% |
| 1986 | 884.60 | 893.80 | 865.20 | 865.20 | -3.1% |
| 1987 | 826.16 | 865.20 | 795.80 | 795.90 | -8.0% |
| 1988 | 734.52 | 795.50 | 687.30 | 687.40 | -13.6% |
| 1989 | 674.13 | 686.90 | 667.20 | 681.40 | -0.9% |
| 1990 | 710.64 | 720.50 | 683.50 | 719.20 | +5.5% |
| 1991 | 736.73 | 765.30 | 718.10 | 765.30 | +6.4% |
| 1992 | 784.66 | 796.30 | 763.50 | 791.50 | +3.4% |
| 1993 | 805.75 | 816.30 | 789.70 | 811.30 | +2.5% |
| 1994 | 806.93 | 816.60 | 790.60 | 792.70 | -2.3% |
| 1995 | 772.69 | 797.50 | 758.50 | 775.80 | -2.1% |
| 1996 | 805.00 | 849.00 | 775.80 | 847.50 | +9.2% |
| 1997 | 953.19 | 1,960.00 | 845.50 | 1,695.00 | +100.0% |
| 1998 | 1,400.40 | 1,812.00 | 1,196.00 | 1,206.00 | -28.9% |
| 1999 | 1,189.84 | 1,243.00 | 1,125.00 | 1,136.00 | -5.8% |
| 2000 | 1,130.90 | 1,267.00 | 1,105.50 | 1,267.00 | +11.5% |
| 2001 | 1,292.01 | 1,369.00 | 1,234.00 | 1,313.50 | +3.7% |
| 2002 | 1,250.31 | 1,332.00 | 1,160.60 | 1,186.30 | -9.7% |
| 2003 | 1,192.08 | 1,262.00 | 1,146.00 | 1,192.00 | +0.5% |
| 2004 | 1,145.24 | 1,195.10 | 1,035.10 | 1,035.10 | -13.2% |
| 2005 | 1,023.75 | 1,059.80 | 997.00 | 1,010.00 | -2.4% |
| 2006 | 954.32 | 1,002.90 | 913.70 | 930.00 | -7.9% |
| 2007 | 928.97 | 950.20 | 903.20 | 935.80 | +0.6% |
| 2008 | 1,098.71 | 1,507.90 | 935.20 | 1,262.00 | +34.9% |
| 2009 | 1,274.63 | 1,570.10 | 1,149.00 | 1,163.65 | -7.8% |
| 2010 | 1,155.74 | 1,253.20 | 1,104.00 | 1,130.60 | -2.8% |
| 2011 | 1,106.94 | 1,197.50 | 1,049.20 | 1,158.50 | +2.5% |
| 2012 | 1,126.16 | 1,185.00 | 1,063.24 | 1,063.24 | -8.2% |
| 2013 | 1,094.67 | 1,161.34 | 1,050.05 | 1,055.25 | -0.8% |
| 2014 | 1,052.29 | 1,117.74 | 1,008.85 | 1,090.89 | +3.4% |
| 2015 | 1,130.96 | 1,196.40 | 1,063.03 | 1,169.26 | +7.2% |
| 2016 | 1,159.34 | 1,242.59 | 1,090.03 | 1,203.73 | +3.0% |
| 2017 | 1,129.04 | 1,207.23 | 1,067.42 | 1,067.42 | -11.3% |
| 2018 | 1,099.29 | 1,141.74 | 1,054.63 | 1,112.85 | +4.3% |
| 2019 | 1,165.80 | 1,220.70 | 1,111.82 | 1,155.46 | +3.8% |
| 2020 | 1,180.56 | 1,267.25 | 1,081.85 | 1,086.11 | -6.0% |
| 2021 | 1,144.89 | 1,198.72 | 1,081.62 | 1,188.59 | +9.4% |
| 2022 | 1,291.78 | 1,440.50 | 1,186.96 | 1,260.18 | +6.0% |
| 2023 | 1,306.76 | 1,362.94 | 1,220.34 | 1,290.97 | +2.4% |
| 2024 | 1,363.44 | 1,477.86 | 1,300.52 | 1,477.86 | +14.5% |
| 2025 | 1,421.40 | 1,481.45 | 1,353.50 | 1,444.55 | -2.3% |
| 2026 YTD | 1,448.41 | 1,555.96 | 1,325.06 | 1,333.99 | -7.7% |
1981–2026 · 45 complete calendar years. Annual figures are averages of available daily observations. Years with partial observation coverage: 1981 (182 published trading days). Each annual average for those years is based on that many published trading days. 2026 is year to date: the average is based on 209 published trading days through 2026-10-30.
Highest and lowest USD/KRW rates on record
Measured across 46 calendar years of annual data, 1981 to 2026.
USD/KRW history: common questions
What was the USD/KRW rate in 1981?
One USD averaged 686.073 KRW in 1981, with a range of 675.400 to 700.750 and a year-end rate of 700.750.
How is the USD/KRW rate calculated?
The annual figures are averages of daily observations in Federal Reserve H.10 (DEXKOUS). Highs and lows are the most extreme single observations in each calendar year.
What is the highest USD/KRW rate on record?
The highest annual average was 1,448.410 in 2026. The highest single observation was 1,960.000 in 1997.
What is the lowest USD/KRW rate on record?
The lowest annual average was 674.129 in 1989. The lowest single observation was 667.200 in 1989.
What was the biggest single-year move in USD/KRW?
1997 was the largest, at +100.0%. The year-end rate moved from 847.500 to 1,695.000.
What is the USD/KRW rate in 2026?
The 2026 average is 1,448.410 KRW per USD, based on the year to date. The latest complete year, 2025, averaged 1,421.396.
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