South Korean Won Eases from Over 1-Month High

The South Korean won fell to around 1,507 per dollar, easing from a more than one-month high near 1,498, amid renewed US-Iran military strikes and rising oil prices. The two countries exchanged fresh attacks over the weekend, while Tehran claimed it had closed the Strait of Hormuz, raising concerns over disruptions to global oil supplies and fueling fears of higher energy costs. The escalation also dampened global risk sentiment, prompting investors to favor safe-haven assets and the US dollar as crude prices climbed. Meanwhile, expectations that SK Hynix will convert a substantial portion of the proceeds from its $26.5 billion Nasdaq listing into won for domestic investments helped temper pressure on the currency by boosting dollar supply in the domestic foreign exchange market. Investors also looked ahead to this week’s Bank of Korea policy decision for further guidance on the interest-rate outlook and policymakers’ assessment of inflation, economic growth, and financial conditions.

Register a Revolut Business Account