Seoul: The South Korean won saw a slight increase against the U.S. dollar on Monday as exporters opted to sell the dollar, even as tensions rose between the United States and Iran in the Middle East. The won was quoted at 1,478.4 won per dollar by 3:30 p.m., experiencing a modest rise of 0.1 won from the previous session.
According to Yonhap News Agency, the Korean currency opened at 1,490 won per dollar, but managed to recover some of its earlier losses. Analysts suggest that exporters and investors may have sold the dollar at this time due to SK hynix Inc.'s decision to convert a portion of its proceeds, raised via American depositary receipts on the Nasdaq market, into the won.
Additionally, overseas investors purchased a net 516.1 billion won (US$349 million) in local stocks on Monday. Despite this inflow, the benchmark Korea Composite Stock Price Index experienced a significant decline, dropping 4.46 percent to close at 6,516.27 points.