Finance Minister Koo Yun-cheol said on Friday in Washington that the Korean won has stabilized against the U.S. dollar at around 1,460 won per dollar following Iran's reopening of the Strait of Hormuz. He expressed hopes that the won will appreciate in line with market expectations. Koo was in the U.S. capital for G20 finance ministers and central bank governors meetings.
Finance Minister Koo Yun-cheol, who also serves as deputy prime minister for economic affairs, told Korean reporters in Washington on Friday that the Korean won has stabilized against the U.S. dollar at the 1,460 won-per-dollar range after depreciating amid the ongoing U.S.-Israeli war against Iran.
The stabilization followed Iran's reopening of the Strait of Hormuz, amid expectations of a U.S.-Iran deal to end the war. Responding to a question about his upcoming meeting with U.S. Treasury Secretary Scott Bessent, Koo said, "As the (won-dollar) exchange rate has been stabilizing in the 1,460 won-per-dollar range, I think we can discuss that matter if need be."
He voiced hopes that the won would appreciate in line with market expectations, stating, "It is something to be determined by the market, but considering Korea's economic fundamentals, there might be expectations in the market. I hope it reaches a level that people expect the Korean currency to be at."
After attending G20 finance ministers and central bank governors meetings, Koo noted high international expectations for Korea's economy. "I felt that interest in the Korean market has been on the rise," he said, adding, "As Iran allowed passage (through the Strait of Hormuz), financial markets have stabilized and the stock market has surged. Against this backdrop, I felt Korea can be in a (good) position in the world (economy) should (the government) manage (economic issues) well."
Earlier, Iran's Foreign Minister Abbas Araghchi posted on social media that the Strait of Hormuz is "completely" open in line with a 10-day ceasefire between Israel and Lebanon announced by Trump on Thursday.
