S. Korean won weakens against U.S. dollar as oil prices climb
SEOUL, Sept. 8 (Yonhap) -- The South Korean won weakened against the U.S. dollar...
SEOUL, September 8 - The South Korean won slipped lower against the U.S. dollar on Tuesday as oil prices surged due to heightened military tensions in the Middle East, according to Yonhap news agency. By 3:30 p.m., the exchange rate reached 1,345.6 won per dollar, marking a decline of 5.1 won from the previous trading session's close.
Tensions between the United States and Iran in the region pushed West Texas Intermediate crude oil past the $94 per barrel mark, the highest level in roughly three months. The rise in oil prices typically puts downward pressure on the won, as it demands more dollars to fulfill crude oil imports. South Korea's energy demands are largely met through overseas supplies.
With the won showing a significant rebound in recent days, local importers seem to be actively purchasing dollars. Market observers are anticipated to monitor U.S. inflation data closely, as it may provide insight into the Federal Reserve's future monetary policy decisions.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
