The South Korean won rose further against the U.S. dollar on Wednesday as U.S. President Donald Trump signaled a possible swift end to the ongoing Middle East conflict. The won opened at 1,493 per dollar, up 2.2 won from the previous session. This follows a surge to 1,495.2 won per dollar on Tuesday, recovering from a 17-year low of 1,517.3 won.
The South Korean won strengthened after U.S. President Donald Trump announced a five-day postponement of threatened strikes on Iranian energy facilities and ongoing negotiations to end the conflict. According to Yonhap News Agency and The Korea Times, the currency surged to 1,495.2 won per dollar on Tuesday, recovering from a 17-year low of 1,517.3 won in the prior session. It opened at 1,493 per dollar on Wednesday, up 2.2 won. Tehran denied any contact with the United States, describing the claims as an attempt to manipulate energy prices and stock markets, per foreign media reports. U.S.-Israeli strikes on Iran, which began late last month, have escalated into a broader regional conflict, with the Strait of Hormuz effectively shut, driving up global oil prices. This has heightened volatility in domestic and global foreign exchange and stock markets. Trump's signals have fueled hopes for de-escalation, supporting the won's gains.
