Won Soars 9.4% as Dollar Weakens Amid Eased Middle East Tensions

The Korean won has experienced its biggest rise among major currencies in recent weeks, gaining 9.4% against the US dollar from the end of June to July 11th.

This appreciation is attributed to a weaker dollar and improved dollar supply at home, according to the Bank of Korea's report on international finance and foreign exchange markets.

The won-dollar exchange rate fell from 1,549.4 won at the end of June to 1,424.0 won by July 11th.

While other major currencies like the Mexican peso, Japanese yen, British pound, South African rand, and euro also rose against the dollar, their gains were much smaller compared to the won's.