The exchange rate between the South Korean won and the U.S. dollar is fluctuating around 1500 won as tensions between the U.S. and Iran persist.
As of 9:29 a.m. on July 13, the exchange rate stood at 1502.8 won per dollar in the Seoul foreign exchange market. The rate opened at 1498.5 won, down 7.6 won from the previous session, but has been hovering around the 1500 won mark.
The ongoing military confrontations between the U.S. and Iran have prevented the rate from dropping below 1500 won.
On July 12, the U.S. Central Command launched additional airstrikes against Iranian forces threatening commercial vessels in the Strait of Hormuz.
Previously, the U.S. had conducted airstrikes in response to Iranian attacks on vessels in the Strait, while Iran has targeted U.S. military bases in the Middle East. The Iranian Revolutionary Guard announced a complete blockade of the Strait of Hormuz on July 12.
International oil prices are on the rise. According to MarketWatch, Brent crude oil futures for September are up 3.45%, while West Texas Intermediate (WTI) crude for August has increased by 3.50%.
Due to the uncertainty stemming from the conflict in the Middle East, the exchange rate is expected to remain stable. Min Kyung-won, an economist at Woori Bank, stated, "Despite the release of export-related negotiation volumes, the geopolitical uncertainty in the Middle East and strong dollar pressures are likely to keep fluctuations limited around the current levels."
* This article has been translated by AI.
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