Seoul: The South Korean currency gained against the U.S. dollar Tuesday, rebounding from a 17-year low in the previous session, supported by a decline in global oil prices. The won was quoted at 1,493.6 won per dollar, up 3.9 won from the previous session's 1,497.5 won, ending a three-day losing session.
According to Yonhap News Agency, Monday's figure marked the weakest level since March 10, 2009, during the global financial crisis. It briefly touched the psychological and technical 1,500 won mark for the first time during regular trading hours in 17 years. The rebound came as global oil prices fell Monday (U.S. time) as U.S. President Donald Trump renewed calls on allies to join efforts to keep the Strait of Hormuz open to ease supply disruptions.
There were also reports of non-Iranian oil tankers passing through the strategic waterway, including a Pakistani-flagged vessel. The Strait of Hormuz has been effectively shut since the start of the U.S.-Israeli strikes on Iran earlier this month.
South Korea's foreign exchange and stock markets have shown heightened volatility amid rising tensions in the Middle East. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.63 percent to 5,640.48 on Tuesday, on solid institutional buying.