Currency
Korean won weakens further against US dollar as Iran conflict persists
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The South Korean won weakened further against the US dollar on Friday as talks between the United States and Iran to end their month-long conflict showed no immediate progress. It opened at 1,508.6 won per dollar, down 1.6 won from the previous session. The escalating Middle East crisis has driven up global oil prices with the Strait of Hormuz effectively closed, hitting import-dependent South Korea.
The Reserve Bank of India has introduced stricter norms on banks' net open positions in foreign currency dealings involving the rupee. Banks must now maintain positions within $100 million each day to curb speculative trading. The measure aims to stabilize the currency amid significant depreciation pressures.
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The Indian rupee weakened further to breach 94 and approach 95 against the US dollar—a new record low—following its prior plunge to 93.73 last week. Surging crude oil prices from Red Sea tensions and fears of a prolonged Gulf war drove the slide, while Indian stocks extended losses into a fifth consecutive week. Limited Reserve Bank of India intervention has heightened concerns of additional depreciation.
South Korean stocks closed higher for the second straight session as investors hunted bargains amid volatility from the U.S.-Iran war. The Korea Composite Stock Price Index (KOSPI) rose 77.36 points, or 1.4 percent, to 5,609.95. The Korean won strengthened 2.7 won against the U.S. dollar to 1,466.5.
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The Colombian peso became the emerging currency that revalued the most against the dollar following legislative election results, driven by expectations of a market-friendly political balance. The US dollar closed at $3.745, down $50.55 from the TRM. Analysts attribute this movement to investors' positive surprise at the success of the Consulta por Colombia and a divided Congress.
The Korean won fell below 1,500 per U.S. dollar early Wednesday for the first time in 17 years since the 2009 global financial crisis, driven by surging demand for the dollar amid escalating Middle East tensions. The exchange rate briefly reached 1,506 before retreating below 1,500, while the benchmark KOSPI plunged over 12 percent. Analysts predict the dollar's strength will persist until geopolitical risks ease.
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Seoul shares closed lower on Friday, ending a six-session winning streak as investors locked in profits from technology and other large-cap stocks. The Korean won sharply depreciated against the U.S. dollar.
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