South Korean Won Hits Near Two-Week High on Trump's Iran Deal Announcement
Quick Look
- The South Korean won strengthened to its highest level in nearly two weeks against the U.S. dollar on Monday, following U.S.
- President Donald Trump's announcement of a peace deal with Iran.
- Global oil prices also dropped on the news.
AI-generated summary
Why It Matters
The South Korean won saw a significant rise, reaching a near two-week high against the U.S. dollar. This surge is attributed to U.S. President Donald Trump's announcement of a peace deal with Iran.
SEOUL, June 15 (Yonhap) -- The South Korean won rose to a nearly two-week high Monday after U.S. President Donald Trump has said Washington and Tehran have reached a peace deal.
The won opened at 1,511.4 won per dollar, up 8.4 won from the previous session's close, and further gained ground to 1,504 won per dollar at one point in morning trading.
In terms of intraday trading, it was the strongest level since June 1, when the won was traded at 1,500 won per dollar.
As of 9:48 a.m., the won was traded at 1,506.8 won per dollar, up 7.9 won from the previous session's close.
Trump announced the deal on social media, raising expectations that the war in the Middle East is nearing an end and the Strait of Hormuz would be soon reopened.
Although the stance from Israel remains unclear, global oil prices dropped on the U.S.-Iran deal announcement.
The won's strength also came after South Korean Deputy Finance Minister Moon Ji-sung held talks with U.S. counterparts last week over recent conditions in the foreign exchange markets.
Open Questions
- What are the specific terms of the peace deal?
- What is Israel's stance on the deal?
- Will the Strait of Hormuz reopen immediately?
