S. Korean won strengthens sharply on hopes of US-Iran peace deal

SEOUL, June 12 (Yonhap) -- The South Korean won strengthened sharply against the U.S. dollar Friday, thanks to renewed hopes of a peace deal between the United States and Iran, with foreign investors turning to net buyers of local stocks. The won was quoted at 1,519.8 won per dollar as of 3:30 p.m., up 9.1 won from the previous session. It marked the highest exchange rate since Tuesday, when the won was quoted at 1,512.1 won per dollar on the onshore platform. However, the won has traded over the psychologically important level of 1,500 won against the U.S. dollar for the 19th consecutive trading session. The won opened at 1,518 won per dollar, up 10.9 won from the previous session, after U.S. President Donald Trump said a peace agreement with Iran could be signed as soon as this weekend. Trump has said a peace deal with Iran is in "pretty final shape" and, if finalized, it would reopen the Strait of Hormuz, a key shipping route for oil, fertilizer and other commodities. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 4.63 percent to close at 8,123.62 points. Foreign investors bought a net 2.1 trillion won worth of local stocks, turning to net buyers for the first time in 25 trading sessions.