diff --git a/Sources/OpenAPIKit/Schema Object/DereferencedJSONSchema.swift b/Sources/OpenAPIKit/Schema Object/DereferencedJSONSchema.swift
index d98a36ca2..02f8986b8 100644
--- a/Sources/OpenAPIKit/Schema Object/DereferencedJSONSchema.swift	
+++ b/Sources/OpenAPIKit/Schema Object/DereferencedJSONSchema.swift	
@@ -675,12 +675,12 @@ extension JSONSchema: ExternallyDereferenceable {
             newSchema = .init(
                 schema: .reference(newReference, core)
             )
-        case .dynamicReference:
-            // TODO: external dereferencing of `$dynamicRef` is not implemented;
-            //       deferred alongside local dynamic-scope resolution (see #359).
-            newComponents = .noComponents
-            newSchema = self
-            newMessages = []
+        case .dynamicReference(let dynamicRef, let core):
+            // Delegate to the wrapped JSONReference's external deref (same path as $ref).
+            let (newReference, components, messages) = try await dynamicRef.jsonReference.externallyDereferenced(with: loader)
+            newComponents = components
+            newMessages = messages
+            newSchema = .init(schema: .dynamicReference(JSONDynamicReference(newReference), core))
         case .fragment(_): 
             newComponents = .noComponents
             newSchema = self
diff --git a/Tests/OpenAPIKitTests/Schema Object/JSONSchemaDynamicReferenceTests.swift b/Tests/OpenAPIKitTests/Schema Object/JSONSchemaDynamicReferenceTests.swift
index 2454ce807..36f1cd131 100644
--- a/Tests/OpenAPIKitTests/Schema Object/JSONSchemaDynamicReferenceTests.swift	
+++ b/Tests/OpenAPIKitTests/Schema Object/JSONSchemaDynamicReferenceTests.swift	
@@ -208,3 +208,36 @@ final class JSONSchemaDynamicReferenceTests: XCTestCase {
         }
     }
 }
+
+#if ExternalLoading
+extension JSONSchemaDynamicReferenceTests {
+    func test_externalDeref_dynamicReference_external() async throws {
+        // An external `$dynamicRef` is dereferenced through its underlying
+        // `JSONReference` -- same path as `$ref`: fetch + convert to an
+        // internal component reference.
+        let schema = JSONSchema.dynamicReference(
+            JSONDynamicReference(.external(.init(string: "./schema.json")!))
+        )
+
+        let (newSchema, components, messages) = try await schema.externallyDereferenced(with: JSONReferenceTests.SchemaLoader.self)
+
+        XCTAssertTrue(newSchema.isDynamicReference)
+        XCTAssertEqual(newSchema.dynamicReference?.name, "__schema_json")
+        XCTAssertEqual(components, .init(schemas: ["__schema_json": .string]))
+        XCTAssertEqual(messages, ["./schema.json"])
+    }
+
+    func test_externalDeref_dynamicReference_internal_noop() async throws {
+        // An internal `$dynamicRef` (anchor) is not external; external
+        // dereferencing leaves it unchanged.
+        let schema = JSONSchema.dynamicReference(.anchor("node"))
+
+        let (newSchema, components, messages) = try await schema.externallyDereferenced(with: JSONReferenceTests.SchemaLoader.self)
+
+        XCTAssertTrue(newSchema.isDynamicReference)
+        XCTAssertEqual(newSchema.dynamicReference?.absoluteString, "#node")
+        XCTAssertTrue(components.schemas.isEmpty)
+        XCTAssertEqual(messages, [])
+    }
+}
+#endif
diff --git a/documentation/migration_guides/v7_migration_guide.md b/documentation/migration_guides/v7_migration_guide.md
index a10bebb54..9acaee25d 100644
--- a/documentation/migration_guides/v7_migration_guide.md
+++ b/documentation/migration_guides/v7_migration_guide.md
@@ -17,14 +17,18 @@ encodes/decodes the `$dynamicRef` keyword. Schemas whose only attribute is
 `$dynamicRef` now decode as `.dynamicReference` instead of decoding as an empty
 `.fragment` with an "unsupported attributes" warning.
 
-### Local dereferencing fails on `$dynamicRef`
-
-A `DereferencedJSONSchema` must not contain references. Until dynamic-scope
-resolution is added (tracked in #359), `locallyDereferenced()` and
-`JSONSchema.dereferenced(in:)` **throw** when they encounter a `$dynamicRef`
-they cannot inline, mirroring how unresolvable static `$ref` values fail. The
-raw `JSONSchema` AST still carries `.dynamicReference` for tools that read
-schemas without dereferencing.
+### Dereferencing `$dynamicRef`
+
+`locallyDereferenced()` and `JSONSchema.dereferenced(in:)` **throw** on a
+`$dynamicRef` — a `DereferencedJSONSchema` must not contain references, and
+dynamic-scope resolution is tracked in #359. The raw `JSONSchema` AST still
+carries `.dynamicReference` for tools that read schemas without dereferencing.
+
+External dereferencing (`externallyDereferenced(with:)`, under the
+`ExternalLoading` trait) resolves an external `$dynamicRef` the same way it
+resolves an external `$ref`: fetch via the `ExternalLoader` and rewrite to an
+internal component. The result stays `.dynamicReference` (still serializes as
+`$dynamicRef`); cross-document dynamic-scope resolution is out of scope.
 
 ### `$ref` with a plain fragment now round-trips verbatim