South Korean Won Edges Higher Against Dollar Despite US-Iran Conflict
Quick Look
The South Korean won slightly strengthened against the U.S. dollar on Monday, driven by exporters selling dollars and overseas investors buying local stocks, despite ongoing U.S.-Iran tensions in the Middle East.
AI-generated summary
Why It Matters
The South Korean won saw a slight gain against the U.S. dollar on Monday, influenced by exporter activities and foreign investment in local stocks.
SEOUL, July 20 (Yonhap) -- The South Korean won edged higher against the U.S. dollar Monday, as exporters sold the dollar despite an intensifying conflict between the United States and Iran in the Middle East.
The won was quoted at 1,478.4 won per dollar at 3:30 p.m., up 0.1 won from the previous session.
The Korean currency opened at 1,490 won per dollar but pared some losses.
Exporters and investors appeared to have sold the dollar at a time when SK hynix Inc. has converted part of its proceeds raised via the American depositary receipts on the Nasdaq market into the won, some analysts said.
Overseas investors also bought a net 516.1 billion won (US$349 million) worth of local stocks on Monday, while the benchmark Korea Composite Stock Price Index dropped 4.46 percent to close at 6,516.27 points.
Open Questions
- How will the US-Iran conflict further impact global markets?
- What is the specific reason for overseas investors buying local stocks despite KOSPI drop?
