The won-dollar exchange rate is fluctuating in the 1460 won range.
In the Seoul foreign exchange market, the exchange rate for the won against the U.S. dollar was 1,464.6 won as of 10:22 a.m. The rate opened at 1,459.9 won, down 6.7 won from the previous day's closing price.
International oil prices have fallen as tensions in the Middle East ease. As of 10:29 a.m., September futures for Brent crude were trading at $92.60, down 4.18% from the previous day's close, while September futures for West Texas Intermediate (WTI) were at $85.25, down 4.06%.
At the same time, the dollar index, which measures the value of the dollar against six major currencies, was at 101.19, showing a decline from the previous day's 101.47.
The easing of uncertainty in the Middle East appears to be influenced by the United States refraining from additional attacks on Iran since the night of July 24, following 13 days of airstrikes, and Iran's military announcing a halt to retaliatory strikes.
However, foreign investors are showing a selling trend in the domestic stock market, with net sales of 1.2647 trillion won in the securities market.
The exchange rate is expected to decline due to month-end supply and demand. Min Kyung-won, an economist at Woori Bank, stated, "The exchange rate is expected to fall, reflecting the positive impact of the decline in international oil prices following the resumption of U.S.-Iran negotiations."
He added, "However, actual demand for dollars from importers and residents investing in overseas stocks will support the lower end, and while the exchange rate is declining, exporters are responding with a steady low-price buying strategy rather than waiting for further declines."
* This article has been translated by AI.
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