The won-dollar exchange rate fell to the 1330 won range despite rising oil prices.
As of 9:06 a.m. on September 9, the exchange rate in the Seoul foreign exchange market was 1,337.1 won per U.S. dollar. The rate was trading at 1,342.8 won, down 2.8 won from the previous day's closing rate of 3:30 p.m.
The decline in the exchange rate appears to be influenced by export companies selling dollars.
International oil prices have risen amid escalating tensions in the Middle East. The November futures price for Brent crude rose by 0.95% to $97.92 per barrel, while the October futures price for West Texas Intermediate (WTI) increased by 1.69% to $93.03 per barrel.
Fighting has intensified in the Red Sea route, influenced by the Iran-aligned Houthi rebels in Yemen, raising concerns about supply disruptions.
All three major U.S. stock indices fell. The Dow Jones Industrial Average closed down 628.18 points (1.18%) at 52,786.07.
The S&P 500 index fell by 45.08 points (0.58%) to 7,673.52, while the tech-heavy Nasdaq Composite dropped 85.58 points (0.32%) to 26,421.41.
The dollar index, which measures the value of the dollar against six major currencies, fell by 0.284% to 98.863, influenced by the strengthening yen.
In the domestic market, foreign investors are showing a selling trend. Early in the trading session, foreign investors sold a net 105.6 billion won in the securities market.
The exchange rate is expected to decline in the morning session but then rise later. Min Kyung-won, an economist at Woori Bank, stated, "We expect the exchange rate to establish a support level in the 1340 won range due to risk aversion stemming from rising oil prices."
He added, "In the morning session, after attempting to re-enter the 1330 won range due to the influx of selling, the exchange rate is likely to rebound again in response to rising oil prices and falling stock prices, reclaiming the 1340 won level."
* This article has been translated by AI.
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