Won-Dollar Rate Nears 1,480 Won Amid Oil Price Surge

The won-dollar exchange rate drew close to the 1,480 won level on news of soaring international oil prices. This was a result of cautious sentiment spreading over peace talks between the U.S. and Iran, considered a key variable in the international community, leading to a rise in global oil prices and a subsequent fall in the value of the Korean won. In the New York foreign exchange market, the won-dollar rate closed at 1,479.2 won, up 5 won from the previous closing price in the Seoul foreign exchange market. The intraday high was 1,479.9 won and the low was 1,466.6 won, with a daily fluctuation of 13.3 won.

U.S. President Donald Trump announced that Israel and Lebanon have agreed to a 10-day official ceasefire. President Trump stated that he would invite Israeli Prime Minister Benjamin Netanyahu and Lebanese President Michel Aoun to the White House. Israel had previously continued its attacks on Lebanon, vowing to defeat the pro-Iranian armed group Hezbollah.

The dollar index (DXY), which measures the dollar's value against a basket of six major currencies, rebounded to the early 98 range during New York trading. The dollar-yen rate traded at 159.26 yen, and the euro-dollar rate at 1.1771 dollars. The offshore dollar-yuan rate stood at 6.8235 yuan. The yen-won cross rate was 925.85 won per 100 yen, and the yuan-won rate was 215.81 won.