South Korean Economy
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Finance Minister signals extra vigilance on foreign exchange volatility
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Finance Minister Koo Yun-cheol said Friday the government is taking extra vigilance over recent volatility in the foreign exchange market.
South Korean stocks opened sharply lower on Wednesday, tracking overnight losses on Wall Street and uncertainties over peace talks between the United States and Iran.
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The Middle East conflict, triggered by U.S.-Israeli strikes on Iran, has intensified with Mojtaba Khamenei named as Iran's new supreme leader. Global oil prices have surged past $114 per barrel, pushing the South Korean won to a 17-year low against the U.S. dollar. The South Korean government is bolstering evacuation efforts and economic stabilization measures.