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South Korean Won Eases From Over 10-Month High

The South Korean won eased to around 1,415 per dollar, pulling back slightly from a recent over ten-month high, as renewed uncertainty over the Strait of Hormuz weighed on the currency. Iran denied holding direct talks with Washington over reopening the waterway, casting doubt on a near-term deal and keeping oil prices elevated, raising concerns over import costs and inflation in South Korea. Meanwhile, strong semiconductor exports and continued dollar selling by exporters provided support, with July exports rising nearly 63% year-on-year to $98.89 billion and semiconductor shipments surging 179%. Expectations of foreign exchange intervention by South Korean authorities are also helping limit renewed won weakness and keep the currency near its strongest level since October 2025. At the same time, investors are monitoring this week’s US inflation data for further clues on the Federal Reserve’s policy outlook and the dollar’s direction.

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