Forex
KRW Surges on Exporter Dollar Sales Amid Middle East Tensions
The South Korean won strengthened against the US dollar on Friday as exporters sold dollars amid renewed tension in the Middle East.
The won was quoted at 1,416.1 won per dollar at 3:30 p.m., up 7.7 won from the close of stock trading the day before.
This marked the strongest level for the won since October 2 last year, when it reached as high as 1,415.9 won per dollar in afternoon trading.
The strengthening of the won was partly due to global oil prices rising after Iran reportedly said it would ban US and Israeli ships from the Strait of Hormuz in a proposed deal with Oman.