Korean won gains against US dollar as oil prices slide
The Korean won climbed against the U.S. dollar Tuesday, as global oil prices declined with U.S. President Donald Trump signaling a possible resolution to the war with Iran. The won was quoted at 1,337.5 won per dollar at 3:30 p.m., up 9.6 won from the close of the previous stock trading session. After meeting with Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, a key mediator…
The Korean won strengthened against the US dollar on Tuesday as global oil prices fell, following U.S. President Donald Trump hinting at a possible end to the conflict with Iran. The currency rate rose to 1,337.5 won per dollar at 3:30 p.m., marking an increase of 9.6 won from the previous trading session's closing rate. Trump's meeting with Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, who played a crucial role in mediating between Washington and Tehran, at the White House provided a boost to the won's value.
The president announced that there would be no further strikes against Iran for now. Additionally, the won's gain was further supported by a significant rebound in the stock market, with foreign investors turning into net buyers of local stocks. During the latest regular stock trading session, foreign investors purchased a total of 350 billion won ($260 million) worth of local shares. The Korea Composite Stock Price Index, a key benchmark, surged 4.39 percent to close at 5,239.13.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
