Korean currency gains against US dollar amid talks to end Iran war

The Korean won rose further against the U.S. dollar Wednesday as U.S. President Donald Trump continued to signal the possibility of a swift end to the ongoing Middle East conflict. The won opened at 1,493 per dollar, up 2.2 won from the previous session. The currency had surged to 1,495.2 won per dollar Tuesday, recovering from a 17-year low of 1,517.3 won in the previous session after Trump said that he had ordered a five-day postponement of threatened strikes on Iranian energy facilities and that negotiations were under way to end the conflict. Tehran, however, has denied claims that it has been in contact with the United States, calling them an attempt to manipulate energy prices and stock markets, according to foreign media reports. Domestic and global foreign exchange and stock markets have experienced heightened volatility as U.S.-Israeli strikes on Iran that began late last month have escalated into a broader regional conflict. Global oil prices have risen markedly as the Strait of Hormuz has been effectively shut since the start of the conflict, disrupting global oil supplies.

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