The South Korean won rebounded strongly against the US dollar on Tuesday, bouncing back from a 17-year low recorded in the previous session. This recovery follows US President Donald Trump’s decision to delay planned strikes on Iranian energy infrastructure as talks aimed at resolving the ongoing conflict progress.
The won opened trading at 1,490.9 per dollar, appreciating by 26.4 won compared to the previous session’s closing rate of 1,517.3 won.
Monday’s exchange rate represented the weakest level for the won since March 9, 2009, when it plummeted to 1,549 during the global financial crisis.
Both domestic and global foreign exchange and stock markets have been experiencing increased volatility due to the escalating regional conflict triggered by US-Israeli strikes on Iran, which began late last month.
On Monday, President Trump announced he had ordered a five-day postponement of threatened strikes against Iranian energy facilities, referencing “constructive” discussions focused on ending the war in the Middle East.
Previously, Trump had issued a warning that the US would “obliterate” Iran’s power plants unless Tehran lifted its blockade of the Strait of Hormuz within 48 hours. That deadline expired late Monday.
