Won/Dollar Exchange Rate Surges Past 1480 Amid Middle East Tensions

The won/dollar exchange rate rose to the 1480s on Tuesday, driven by the unstable situation in the Middle East and rising international oil prices. As of 10:08 AM that day, the won/dollar exchange rate was trading at 1482.09, continuing an upward trend from an opening of 1475, up 2.6 won from the previous day.

Behind the increased tension in the Middle East were remarks by U.S. President Donald Trump. President Trump mentioned on the 11th (local time) that a ceasefire with Iran was narrowly being maintained.

The expansion of geopolitical risk in the Middle East strengthened the preference for safe-haven assets, and the dollar index, which indicates the dollar's value against six major currencies, showed a strengthening trend by recording 98.01.