Korean won weakens against US dollar as oil prices surge
The Korean won weakened against the U.S. dollar Friday, as global oil prices surged over renewed uncertainties about the war in the Middle East. The won was quoted at 1,336.7 won per dollar at 3:30 p.m., down 6 won from the close of the previous stock trading session. Brent crude futures jumped 3.3 percent at $95.82 per barrel after U.S. President Donald Trump said there is no need for a deal…
The Korean won experienced a decline against the US dollar on Friday, driven by a surge in global oil prices amid heightened tensions in the Middle East. The currency was trading at 1,336.7 won per dollar, marking a 6 won decrease from the previous session. This downturn was attributed to a 3.3% increase in Brent crude futures, which reached $95.82 per barrel following President Donald Trump's assertion that no deal with Iran was necessary.
The unrest in the region was further exacerbated by reports of explosions in the Strait of Hormuz, affecting oil tankers. Additionally, foreign investors exited the local market, selling a net of 550 billion won ($411 million) worth of shares and contributing to a 0.98% drop in the Korea Composite Stock Price Index, which closed at 5,290.53.
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.
