The Korea Times
The Korean won weakened sharply against the U.S. dollar Wednesday amid lingering uncertainties in the Middle East and sharper-than-expected U.S. inflation. The won opened at 1,493.8 won per dollar, down 3.9 won from the previous session's close. The currency has shown heightened volatility in recent sessions due to a lack of progress in Washington-Tehran talks to end the war. The won plunged 17.5 won to 1,489.9 won Tuesday, marking its lowest level since April 4, when the won-dollar rate was quoted at 1,504.2 won. Overnight U.S. data showed that consumer prices rose sharply for the second straight month in April, marking the largest annual increase in inflation in nearly three years and raising expectations that the Federal Reserve would keep interest rates unchanged for the time being. Concerns that the U.S.-Iran war could continue also pushed up prices of West Texas Intermediate crude above $102 per barrel. Higher oil prices have pressured the won by increasing demand for dollars for crude imports as Korea relies heavily on imports to meet its energy needs. Amid heightened tensions, the b
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