Won Strengthens Against Dollar on Exporter Sales

The Korean won strengthened against the US dollar on Tuesday due to dollar sales by local exporters. The won-dollar exchange rate increased by 8.4 won, reaching 1,356.7 won per dollar at 3:30 p.m. This growth is attributed to the usual practice of exporters selling dollars at the end of each month.

Despite this gain, the won's advance was limited due to rising oil prices and fading expectations for negotiations to reopen the Strait of Hormuz. Foreign investors sold a net 2.9 trillion won ($2.14 billion) worth of local stocks during the latest regular trading session, resulting in a 0.27 percent decline in the Korea Composite Stock Price Index.