Won strengthens, KOSPI rebounds as Trump delays Iran strike

The Korean won, which had tumbled to a 17-year low by breaching the 1,510-per-dollar level amid heightened tensions in the Middle East, rebounded to the 1,490 range on Tuesday, as market jitters eased after U.S. President Donald Trump said he would delay a potential strike on Iran for five days. The country’s benchmark index, the KOSPI, also opened sharply higher, climbing 4.25 percent at the open. Within the first 15 minutes of trading, the index advanced 196.33 points, or 3.63 percent, to 5,602.08 on optimism fueled by Trump’s remarks suggesting the possibility of negotiations. In Seoul’s onshore foreign exchange market, the won-dollar exchange rate closed at 1,495.2 won per dollar, down 22.1 won from the previous session, while the KOSPI closed at 5,553.92, down 148.17 points, or 2.74 percent. The won had stayed above the 1,500-per-dollar level for three straight sessions after closing at 1,501 on Thursday, before slipping below that level on the fourth trading day. In particular, the currency had climbed to 1,517.3 per dollar on Monday, marking its highest level since March 10,

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