Forex
KRW Falls on Global Oil Price Surge, US-Iran Tensions
The South Korean won declined against the US dollar on Thursday due to surging global oil prices. The won was quoted at 1,339.2 won per dollar at 3:30 p.m., down 3.1 won from the close of the previous stock trading session.
Brent crude futures hovered above $100 per barrel as tensions escalated between the US and Iran in the Middle East. This led to concerns over global oil supply, causing the price surge.
The upcoming US inflation data also kept traders on edge, contributing to the won's decline. Despite this, foreigners bought a net 2.4 trillion won (approximately $1.8 billion) worth of local stocks during the latest trading session.