Korean won slumps against US dollar amid talks to end Iran war

The Korean won lost ground against the U.S. dollar Wednesday, erasing earlier gains amid weakened hopes that Washington and Tehran may soon end their prolonged conflict. The won was quoted at 1,499.7 per dollar at 3:30 p.m., down 4.5 won from the previous session. The local currency opened at 1,493 per dollar, up 2.2 won from the previous session as U.S. President Donald Trump continued to signal the possibility of a swift end to the ongoing Middle East conflict. 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 las

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