South Korean won weakens against U.S. dollar amid Middle East tensions
Won trades at 1,370.4 against the dollar as U.S.-Iran strikes renew global inflation concerns
Quick Look
The South Korean won weakened to 1,370.4 per dollar on Tuesday, driven by renewed Middle East tensions and U.S.-Iran strikes that pushed up global oil prices and triggered foreign stock sell-offs.
AI-generated summary
Why It Matters
Geopolitical tensions in the Middle East escalated with exchanges of strikes between the United States and Iran.
SEOUL, Sept. 1 (Yonhap) -- The South Korean won slightly weakened against the U.S. dollar Tuesday, as tensions renewed in the Middle East with the United States and Iran exchanging strikes.
The won was quoted at 1,370.4 won per dollar at 3:30 p.m., down 1.8 won from the close of the previous stock trading session.
At one point in afternoon trading, the Korean currency backtracked to a low of 1,373.5 per dollar.
The latest adjustment comes as U.S. President Donald Trump threatened further strikes against Iran, prompting global oil prices to rise and reigniting inflation concerns.
Foreigners sold a net 491.9 billion won (US$358 million) worth of local stocks during the latest trading session, with the benchmark Korea Composite Stock Price Index edging up 0.23 percent to close at 6,835.80.
Open Questions
- Will further U.S. strikes against Iran materialize?
- How long will foreign capital outflow continue in South Korea?
