Won Weakens as Overseas Investors Unload Local Stocks

The South Korean won weakened against the U.S. dollar on Monday due to overseas investors selling local stocks.

The won was trading at 1,468.5 per dollar at 3:30 p.m., down 1.9 from the previous day's close.

This decline came despite initial optimism as tensions in the Middle East eased with reports of halted military strikes between the U.S. and Iran.

However, foreign investors sold a net 2.1 trillion won (approximately $1.9 billion) worth of local stocks on Monday, which put downward pressure on the currency.