Seoul: The South Korean won gained ground against the U.S. dollar on Wednesday as U.S. President Donald Trump continued to hint at a potential resolution to the ongoing conflict in the Middle East. The currency opened at 1,493 per dollar, marking an increase of 2.2 won from the previous session.
According to Yonhap News Agency, the won had previously surged to 1,495.2 won per dollar on Tuesday. This recovery followed a 17-year low of 1,517.3 won in the prior session, after President Trump announced a five-day delay on planned strikes targeting Iranian energy facilities. Trump also mentioned that negotiations were in progress to bring the conflict to an end.
Despite these developments, Tehran has refuted claims of communication with the United States, labeling them as attempts to influence energy prices and stock markets. This denial comes amidst increasing volatility in both domestic and global foreign exchange and stock markets, exacerbated by the U.S.-Israeli strikes on Iran that began in late September and have since expanded into a broader regional conflict.
The situation has also significantly impacted global oil prices. The effective closure of the Strait of Hormuz since the conflict's onset has disrupted global oil supplies, leading to a notable rise in oil prices.