On September 28, following the Chuseok holiday, the won-dollar exchange rate is trading in the 1350s.
As of 10:06 a.m., the exchange rate stood at 1,357.5 won per U.S. dollar. The dollar, which had been strong, is showing signs of weakness, contributing to the decline in the exchange rate.
The dollar index, which measures the value of the dollar against six major currencies, fell by 0.314 to 100.971 overnight.
However, international oil prices are rebounding in early trading. West Texas Intermediate (WTI) crude for November delivery rose 0.73% to $93.08 per barrel, while Brent crude for November delivery increased by 1.16% to $105.53 per barrel.
This movement is believed to be influenced by news that President Donald Trump rejected Iran's proposal for a 'seven-day plan' to reopen the Strait of Hormuz.
In the domestic stock market, foreign investors are showing a selling trend. In early trading, foreign investors have net sold 651.2 billion won in the securities market.
The exchange rate is expected to follow the trend of yen strength. Min Kyung-won, an economist at Woori Bank, stated, "Despite the uncertainty surrounding the reopening of the Strait of Hormuz, we anticipate a downward trend influenced by yen strength. The geopolitical risk premium, which had been reduced due to falling oil prices last week, may be reflected again, and the strengthening of the won seen recently could be partially reversed due to improved investor sentiment."
He added, "The steady inflow of bargain-hunting demand observed during the recent decline in the exchange rate is also expected to contribute to upward pressure. However, reflecting the Middle East uncertainty that emerged over the weekend, there may be attempts to rise, but as the day progresses, downward pressure due to yen strength is likely to prevail."
* This article has been translated by AI.
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