Seoul: The South Korean won rose slightly against the U.S. dollar on Thursday, driven by expectations that the United States might be nearing a peace agreement with Iran to end the ongoing conflict in the Middle East. The won was quoted at 1,506.1 won against the dollar as of 3:30 p.m., marking an increase of 0.7 won from the previous session's close.
According to Yonhap News Agency, the South Korean currency opened at 1,499.5 won per dollar, which was a decline of 7.3 won from the previous session's close. U.S. President Donald Trump has indicated his willingness to wait a few more days for Iran's response, as he continues to pressure Tehran to finalize a peace deal to conclude the war with the U.S.
The won's gain marked the second consecutive session of appreciation, although it remained around the psychologically significant level of 1,500 to the dollar for the fifth straight trading day. Earlier in the day, the benchmark Korea Composite Stock Price Index (KOSPI) surged by 8.42 percent to close at 7,815.59. This rise was attributed to optimism over a possible peace resolution in the Middle East and a provisional agreement between Samsung Electronics Co. and its union that averted a potential strike.
Foreign investors were net sellers of local stocks, offloading 243.4 billion won (approximately US$161 million) worth of shares on Thursday.