The won-dollar exchange rate has dropped to the 1360s.
As of 9:17 a.m. on September 1, the exchange rate in the Seoul foreign exchange market is 1,367.3 won per U.S. dollar. The rate was trading at 1,368.0 won as of 6 a.m., down 0.6 won from the previous day's closing price.
The exchange rate fell to the 1360s due to the release of export company negotiation volumes the previous day. However, renewed geopolitical tensions in the Middle East have limited further declines.
The dollar index, which measures the dollar's value against six major currencies, fell by 0.23% to 99.423, reversing gains made after hawkish comments from Federal Reserve Chair Kevin Warsh.
U.S. stocks fell overnight as hostilities resumed between the U.S. and Iran after a month-long pause. The Dow Jones Industrial Average closed down 374.09 points (0.70%) at 53,185.90.
The S&P 500 index fell by 25.62 points (0.33%) to close at 7,686.14, while the Nasdaq Composite dropped 31.53 points (0.12%) to finish at 26,370.89.
International oil prices surged significantly. West Texas Intermediate (WTI) crude for October delivery rose by 2.83% to $85.76 per barrel, while Brent crude increased by 2.71% to $90.49 per barrel.
Today's exchange rate is expected to rise slightly due to renewed geopolitical tensions in the Middle East. Min Kyung-won, an economist at Woori Bank, stated, "Given the resurgence of geopolitical instability in the Middle East and regional bargain-hunting, we expect the rate to hover around 1,370 won. There is a strong possibility of a rebound as perceptions of excessive declines may lead to buying interest."
* This article has been translated by AI.
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