S. Korean Won Weakens Against U.S. Dollar Amid Foreign Selling in Local Stocks

Seoul: The South Korean won weakened against the U.S. dollar on Monday, as overseas investors transitioned to net sellers of local stocks. The won was quoted at 1,429.8 per dollar at 3:30 p.m., marking a decline of 5.8 won from the close of onshore trading last Friday. According to Yonhap News Agency, the won opened at 1,437.5 won per dollar and briefly increased to 1,425 won, reaching its strongest level since February 26. This movement followed confirmations from both the United States and Japan regarding their intervention in foreign exchange markets, which had previously caused the Japanese yen to rise. The depreciation of the won occurred alongside a decrease in oil prices, spurred by renewed optimism regarding potential talks between the U.S. and Iran. During the latest trading session, foreign investors sold a net 2.8 trillion won (approximately US$1.9 billion) worth of local stocks. Consequently, the benchmark Korea Composite Stock Price Index fell by 5.12 percent, closing at 6,257.45.