The won-dollar exchange rate is hovering in the low 1410s.
As of 9:30 a.m. on August 12, the exchange rate in the Seoul foreign exchange market is 1,414.6 won per U.S. dollar. Earlier in the morning, it traded at 1,413.7 won, down 2.3 won from the previous session.
The rise in international oil prices appears to have weakened the appetite for riskier assets. October futures for Brent crude oil rose by 1.36% to $88.91 per barrel, while September futures for West Texas Intermediate (WTI) increased by 1.30% to $83.20 per barrel.
Concerns over navigation in the Strait of Hormuz and inflation fears contributed to a decline in the New York stock market. The Dow Jones Industrial Average closed down 184.13 points (-0.34%) at 53,791.85.
The Standard & Poor's 500 index fell by 24.91 points (-0.32%) to finish at 7,728.20, and the Nasdaq Composite dropped 159.91 points (-0.60%) to close at 26,445.45.
The dollar index, which measures the value of the dollar against six major currencies, slightly decreased to 99.81.
Analysts expect the exchange rate to rise and then retreat. Min Kyung-won, an economist at Woori Bank, stated, "Given the rise in oil prices amid a wait-and-see approach to the U.S. Consumer Price Index (CPI) and the slowdown in risk appetite, I anticipate a rise followed by a decline in the exchange rate."
He added, "The key factor will be the direction of international oil prices in the Asian market. If oil prices spike as they did the previous afternoon, there could be increased volatility on the upside, so caution is advised."
* This article has been translated by AI.
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