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The South Korean won opened sharply weaker against the U.S. dollar on Tuesday as uncertainty over a second round of U.S.-Iran cease-fire talks pushed oil prices higher and boosted demand for safe-haven assets.
As of 9:10 a.m. in Seoul, the won was trading at 1,477.4 per dollar. It opened at 1,479.5, up 11.0 won from the previous session’s close.
Markets have refocused on the risk of supply disruptions as doubts grow over whether the two sides can even hold a second round of talks, with the cease-fire set to expire in a day, the report said.
Overnight, Brent crude futures for June delivery settled at $98.48 a barrel, up 3.14% from the previous session. U.S. West Texas Intermediate for June rose 2.57% to $89.67 a barrel.
U.S. stocks also fell. The Dow Jones Industrial Average closed down 293.18 points, or 0.59%, at 49,149.38. The S&P 500 dropped 45.13 points, or 0.63%, to 7,064.01, and the Nasdaq fell 144.43 points, or 0.59%, to 24,259.96.
Min Kyeong-won, an economist at Woori Bank, said the exchange rate was likely to rise as investors focus less on a cease-fire extension and more on concerns that failed negotiations could prolong the closure of the Strait of Hormuz.
He said President Donald Trump has said the cease-fire would be extended until talks with Iran conclude, but worries about disruptions to global crude supply have resurfaced because a Pakistan meeting was called off and the Strait of Hormuz remains blocked.
* This article has been translated by AI.
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