Won Strengthens Against Dollar Amid Exporter Sales

The Korean won has strengthened against the US dollar due to dollar sales by local exporters. On Tuesday, the won-dollar exchange rate was quoted at 1,356.7 won per dollar at 3:30 p.m., up 8.4 won from the previous stock trading session.

This gain is attributed to exporters offloading dollars at the end of each month. However, the rise in oil prices has limited the won's advance as expectations for negotiations to reopen the Strait of Hormuz have faded.

Foreigners sold a net 2.9 trillion won ($2.14 billion) worth of local stocks during the latest regular trading session, with the benchmark Korea Composite Stock Price Index falling 0.27 percent to close at 6,870.81.