The won edged lower against the U.S. dollar.
As of 9:50 a.m. on April 23 in Seoul’s foreign exchange market, the won was trading at 1,478.6 per dollar. It opened 2.0 won weaker at 1,478.0.
The move was attributed to a firmer dollar amid rising global oil prices. Overnight, crude climbed after reports that Iran’s Islamic Revolutionary Guard Corps seized vessels attempting to pass through the Strait of Hormuz.
On April 22 (local time), Brent crude futures for June delivery settled at $101.91 a barrel, up 3.5% from the previous session. U.S. West Texas Intermediate for June delivery ended at $92.96 a barrel, up 3.7%.
U.S. stocks rose after U.S. President Donald Trump extended a ceasefire in the Iran war shortly before it was set to expire. The Dow Jones Industrial Average closed up 340.65 points, or 0.69%, at 49,490.03.
The S&P 500 gained 73.89 points, or 1.05%, to 7,137.90, and the Nasdaq Composite rose 397.60 points, or 1.64%, to 24,657.57. The S&P 500 and Nasdaq ended at record highs.
Min Kyeong-won, an economist at Woori Bank, said the exchange rate is expected to trade around the upper 1,470s, as “dollar strength pressure from higher oil prices remains, while selling near the dollar’s highs offsets it.”
* This article has been translated by AI.
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