International Oil Prices Surge... Won-Dollar Exchange Rate Fluctuates in High 1,480 Won Range (Update)
Opened at 1,490.6 Won, Fluctuating in the High 1,480 Won Range
Due to the sharp rise in international oil prices, the won-dollar exchange rate opened above the 1,490 won level on March 13.
On the 13th, employees are monitoring the stock market and exchange rates in the dealing room at the Seoul Hana Bank Headquarters.
View original imageOn this day, in the Seoul foreign exchange market, the won-dollar exchange rate opened at 1,490.6 won, up 9.4 won from the previous trading day, and fluctuated in the high 1,480 won range during the early session.
The surge in oil prices has been driving the exchange rate higher for the second consecutive day. The previous day, the exchange rate closed at 1,481.2 won, rising 14.7 won due to the spike in international oil prices. During overnight trading, it climbed as high as 1,495.2 won before paring gains and ending at 1,488.5 won.
Overnight, at the ICE Futures Exchange, May delivery Brent crude futures closed at 100.46 dollars per barrel. This is the first time in three years and seven months, since August 2022, that Brent crude futures have closed above 100 dollars. The surge was triggered by Iran's new Supreme Leader, Seyyed Mojtaba Khamenei, declaring ultra-hardline measures such as the blockade of the Strait of Hormuz and the expansion of the conflict front.
As risk aversion has intensified, the US dollar is strengthening. The dollar index, which measures the value of the US dollar against the currencies of six major countries, rose to 99.756 in the morning before edging down slightly.
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Minkyungwon, an economist at Woori Bank, analyzed, "The hawkish remarks by Iran's Supreme Leader Mojtaba have led to a rise in international oil prices and government bond yields, as well as a fall in stock prices." He added, "With the uncertainty ahead of the weekend and mounting geopolitical concerns in the Middle East, foreign investors are selling Korean stocks." These are factors putting downward pressure on the Korean won.
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