Amid ongoing geopolitical tensions in the Middle East, the won-dollar exchange rate is fluctuating around 1500 won as the strength of the dollar shows signs of easing.
As of 9:15 a.m. in the Seoul foreign exchange market on July 9, the exchange rate for the won against the U.S. dollar was trading at 1498.2 won.
The rate opened at 1505.0 won, up 6.50 won from the previous day's closing price, before declining from its peak.
President Donald Trump has downplayed the possibility of a full-scale war with Iran, which contributed to the dollar's slight weakening after it had been gaining strength. He stated that while airstrikes against Iran would resume, "it doesn’t seem like war is going to start again." He criticized the Iranian leadership as "garbage" and mentioned that "the ceasefire with Iran is over. We may launch very strong airstrikes tonight."
In response, Iran has warned of retaliatory measures targeting U.S. military bases in the region. Signs of renewed geopolitical instability are expected to weigh on risk assets overall.
The dollar index, which measures the value of the dollar against six major currencies, was around 100.98 as of 9:23 a.m.
Min Kyung-won, an economist at Woori Bank, noted that "the selling pressure from exporters and concerns over potential intervention by Japanese authorities will limit the upper range of the exchange rate." He explained that after a significant drop in the exchange rate due to selling by exporters, there is a strong incentive for exporters to continue selling today to avoid further declines.
* This article has been translated by AI.
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