The won-dollar exchange rate is fluctuating in the high 1490s.
In the Seoul foreign exchange market on July 14, the exchange rate stood at 1497.9 won per U.S. dollar as of 9:33 a.m.
The rate opened at 1497.5 won, down 3.90 won from the previous day's closing rate.
Overnight, the New York stock market declined. The Dow Jones Industrial Average closed down 138.37 points (-0.26%) at 52,498.64.
The Standard & Poor's (S&P) 500 index fell 60.05 points (-0.79%) to finish at 7,515.34, while the Nasdaq Composite dropped 408.43 points (-1.55%) to close at 25,873.18.
International oil prices surged sharply following U.S. President Donald Trump's announcement to resume maritime sanctions against Iran.
September futures for crude oil closed at $83.30 per barrel, a 9.6% increase from the previous trading day, while August futures for West Texas Intermediate (WTI) rose 9.4% to $78.14 per barrel.
At the same time, the dollar index, which measures the value of the dollar against six major currencies, slightly increased to 101.27 from 101.24 the previous day.
Min Kyung-won, an economist at Woori Bank, stated, "Today’s exchange rate is expected to rise due to strong dollar pressures stemming from geopolitical risks in the Middle East. The surge in oil prices is likely to reignite inflation concerns, leading to rising U.S. Treasury yields, which will exert upward pressure on the dollar and trigger weakness in major currencies, including the won."
He added, "However, expectations for improved supply and demand from exporters and heavy industry dollar sales will support the upper limit of the exchange rate."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.