Mar 13 • 07:59 UTC 🇰🇷 Korea Hankyoreh (KR)

Korean won-dollar exchange rate rises to 1490 won again, up 27.2 won in two days.

The Korean won-dollar exchange rate has surged to 1493.7 won as a result of rising international oil prices and a strengthening dollar.

On the 13th, the Korean won-dollar exchange rate rose back to the 1490 won level, closing at 1493.7 won, with a significant increase of 27.2 won over just two days. The rise is attributed to the blockade of the Strait of Hormuz by Iran, which has led to soaring international oil prices, while a strengthening dollar has further impacted the won's value. After starting the day at 1490.6 won, the exchange rate rose sharply throughout the trading session.

Market data indicates that the Brent crude oil futures price exceeded $100 per barrel as of the 12th, highlighting the latest surge in oil prices. This price spike is causing concerns over rising costs, contributing to the depreciation of the won and a decline in the stock market. The KOSPI index saw a notable drop of 1.72%, ending the day at 5487.24, after reaching as low as 5392.52 during trading.

Foreign investors continued to offload stocks, net selling 1.4747 trillion won in the securities market. While the KOSDAQ index saw a slight increase of 0.4%, the overall sentiment in the market remained bearish due to ongoing pressures from the exchange rate fluctuations and international price increases, indicating a challenging economic environment for investors in South Korea.

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