The won-dollar exchange rate opened at 1,490 won on the 17th. That was down 7.5 won from the previous day.
This is seen as the result of the International Energy Agency (IEA) saying it could release additional reserves. On this, Min Kyung-won, a Woori Bank researcher, said, "As the rise in oil prices progresses, risk appetite will recover." When sentiment to invest in risk assets revives in the market, the value of the won, which is not a key currency, tends to rise.
IEA Executive Director Fatih Birol said in a video statement on the 16th (local time) that "we can take additional measures (release of strategic reserves) as needed." On the 11th, 32 IEA member countries decided to release 400 million barrels to the market. Birol said, "(The stockpiled volume) still exceeds 1.4 billion barrels," adding, "We will work closely with governments around the world." As an IEA member, Korea also plans to release 22.46 million barrels.
In addition, the United States and Israel are said not to have objected to the passage of Iranian, Chinese, and Indian oil tankers carrying Iranian crude through the Strait of Hormuz. Scott Bessent, the U.S. Treasury secretary, said in an interview with local media on the 16th (local time), "Iranian ships have already left the strait, and we are allowing this to ensure the continued supply of oil."