The won-dollar exchange rate has dropped to the 1450 range.
On July 29, in the Seoul foreign exchange market, the exchange rate stood at 1456.3 won per US dollar as of 9:29 AM.
This decline appears to be linked to the ongoing cessation of US airstrikes against Iran and growing optimism for renewed dialogue. However, uncertainty remains following Iran's surprise attack on US military bases in the Middle East on July 28.
International oil prices continued to plummet. September futures for Brent crude fell 4.83% to $84.09 per barrel, while September futures for West Texas Intermediate (WTI) dropped 4.06% to $79.26 per barrel.
At the same time, the dollar index, which measures the value of the dollar against six major currencies, was at 101.41, down 0.01 from the previous day.
In the domestic stock market, foreign investors shifted to a buying position, net purchasing 198.3 billion won in the KOSPI.
The exchange rate is expected to attempt to stabilize in the 1450 range. Min Kyung-won, an economist at Woori Bank, stated, "As favorable external factors accumulate for the won, and with the end of the month approaching, if dollar selling pressure continues, particularly from exporters, the exchange rate may decline further."
* This article has been translated by AI.
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