The won-dollar exchange rate opened lower as optimism surrounding U.S.-Iran peace negotiations continued.
As of 9:42 a.m. on May 22, the exchange rate in the Seoul foreign exchange market was 1,507.3 won per U.S. dollar. The rate opened at 1,504.7 won, down 1.4 won from the previous session.
International oil prices fell for the third consecutive day amid expectations of progress in U.S.-Iran negotiations. Brent crude for July delivery dropped 2.32% to $102.58 per barrel.
West Texas Intermediate (WTI) crude for July delivery closed at $96.35, down 1.94% from the previous trading day.
The New York stock market closed slightly higher, with the Dow Jones Industrial Average rising 276.31 points (0.55%) to close at 50,285.66, marking a new record high.
The Standard & Poor's 500 index increased by 12.75 points (0.17%) to finish at 7,445.72, while the Nasdaq Composite rose by 22.74 points (0.09%) to close at 26,293.10.
Minkyoung Won, an economist at Woori Bank, stated, "Today, the won-dollar exchange rate is expected to decline as the market calms down following the optimism surrounding a Middle East peace agreement and financial market concerns over interest rates. Additionally, the risk appetite in the Asian market is likely to continue, leading to a reversal in foreign investment in the KOSPI and attracting offshore long stops."
* This article has been translated by AI.
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