The South Korean Won (KRW) gained ground against the US dollar (USD) on Friday, recovering from a 17-year low reached the previous day. This rebound is attributed to a decrease in global oil prices, spurred by efforts from the US and Israel to de-escalate concerns regarding a prolonged Middle East crisis.
The Won opened at 1,492 KRW per USD, an increase of 9 KRW from the previous trading session.
On Thursday, the KRW had weakened to 1,501 per USD, marking its weakest position since March 10, 2009. During the global financial crisis, it reached a low of 1,511.1 against the dollar.
This depreciation occurred amidst heightened Middle East tensions following reports of an Israeli operation targeting natural gas infrastructure in Iran. Initial anxieties surrounding potential supply disruptions caused a surge in global oil prices.
However, oil prices subsequently declined. West Texas Intermediate (WTI) crude oil for May delivery fell below $95 per barrel after US President Donald Trump addressed reporters, stating he was “not putting troops anywhere” in response to questions about potential ground force deployments.
Furthermore, Israeli Prime Minister Benjamin Netanyahu reportedly indicated that Israel would refrain from further strikes on Iranian energy infrastructure. Foreign media sources also quoted Netanyahu claiming Iran no longer possesses “the capacity to enrich uranium.”
