The won-dollar exchange rate opened at 1,470.8 won per U.S. dollar on the 10th. It fell 24.7 won from the previous day.
This is seen as the result of a drop in international oil prices. As the war between the United States and Israel and Iran continued, international oil prices broke above $100 per Barrel the previous day. When international oil prices rise, consumer prices also go up, which threatens Korea's economic growth rate and pushes the won-dollar exchange rate higher. With international oil prices falling overnight, the won-dollar exchange rate is trending lower.
International oil prices fell after finance ministers from the Group of Seven (G7) released a joint statement saying they would release strategic reserves to respond to the surge in prices. As the U.S. New York stock market neared the close, Brent crude was trading at $88.42 per Barrel, down 4.61% from the day's close, and WTI was trading at $84.94 per Barrel, down 6.56% from the close, respectively.
U.S. President Donald Trump on the 9th (local time) suggested the war could be ended early. This also boosts market preference for risk assets, putting downward pressure on the won-dollar exchange rate.
Trump said in a phone interview with CBS News, "I think the war is very complete." Noting that ships are currently sailing through the Strait of Hormuz, Iran's international oil shipping route, he also said, "We are thinking about taking it over."