Iran conflict
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 South Korean won opened at 1,503.2 against the U.S. dollar on Thursday, down 3.5 won from the previous session, amid mixed signals on U.S.-Iran talks to end their monthlong conflict. The White House said Wednesday that the two sides had held 'productive' discussions, while Tehran insisted no negotiations took place. Global oil prices have surged with the Strait of Hormuz effectively closed, raising concerns for energy-import-dependent South Korea.
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US President Donald Trump has confirmed a delay to his planned trip to Beijing to meet Chinese President Xi Jinping, due to the escalating US-Israel war with Iran. The visit, originally scheduled for March 31 to April 2, has been postponed by five or six weeks. Trump stated that China is fine with the delay and relations remain strong.