South Korean Won Weakens Against U.S. Dollar Amid Middle East Tensions
Quick Look
- The South Korean won weakened against the U.S. dollar on Thursday, trading at 1,506.1 won per dollar, influenced by rising oil prices due to renewed Middle East tensions.
- Foreign investors' net buying of local stocks provided some offset.
AI-generated summary
Why It Matters
The South Korean won weakened against the U.S. dollar due to rising oil prices and renewed Middle East tensions following fresh attacks by Iran and the United States.
SEOUL, July 9 (Yonhap) -- The South Korean won weakened against the U.S. dollar Thursday, as oil prices climbed over renewed tensions in the Middle East after Iran and the United States launched fresh attacks.
The won was quoted at 1,506.1 won per dollar at 3:30 p.m., down 7.6 won from the previous session.
The Korean currency opened at 1,507.5 won per dollar, down 9 won from the previous session, a day after U.S. President Donald Trump said a temporary ceasefire with Iran was over.
However, the won's weakness appeared to be offset as foreign investors remained net buyers of local stocks for the second straight trading session.
Foreign investors bought a net 190 billion won (US$125 million) worth of local stocks on Wednesday, ending their selling spree of 13 consecutive sessions.
Investors also awaited the much-anticipated debut of SK hynix Inc. on the U.S. stock market later this week.
SK hynix plans to raise up to 43 trillion won via stock offering for the listing of its American depositary receipts on the Nasdaq.
What to Watch
AI outlook — possibilities, not facts
Won may continue to weaken if Middle East tensions persist.
Possible · Short term
Open Questions
- Will the Middle East tensions escalate further?
- How will SK hynix's Nasdaq debut impact the market?
