KRW Weakens Against USD Amid Foreign Selling and Oil Price Drop

The South Korean won weakened against the U.S. dollar on August 3 as overseas investors turned net sellers of local stocks.

The won was quoted at 1,429.8 won per dollar at 3:30 p.m., down 5.8 won from the close of onshore trading last Friday.

This decline came after both the United States and Japan confirmed they had intervened in foreign exchange markets, helping the Japanese yen jump last week.

The won's slide was also influenced by a decrease in oil prices due to fresh optimism over prospects of talks between the U.S. and Iran.