Korean won strengthens on dollar selling

The Korean won strengthened against the U.S. dollar on Tuesday, with the currency reaching 1,356.7 won per dollar by 3:30 p.m. This increase of 8.4 won from the previous trading session was attributed to dollar sales by local exporters, a common practice at the end of each month. However, the won's gain was tempered by rising oil prices and fading hopes for negotiations to reopen the Strait of Hormuz.

Foreign investors sold a net 2.9 trillion won ($2.14 billion) worth of local stocks in the latest regular trading session, with the benchmark Korea Composite Stock Price Index falling 0.27 percent to close at 6,870.81.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.