The won-dollar exchange rate opened at 1,479.9 won on the 8th. It fell 24.3 won from the previous day.
This is seen as the effect of the United States and Iran, which are at war, agreeing to a cease-fire. When geopolitical risks ease, the market's appetite for risk assets revives. When that happens, the value of the won, which is not a key currency, tends to rise.
U.S. President Donald Trump said on the 7th (local time) on his social media Truth Social, "We agree to suspend bombing and attacks on Iran for two weeks on the condition that Iran agrees to the complete, immediate and safe opening of the Strait of Hormuz."
According to local media, Iran also agreed to Trump's announcement. Furthermore, the New York Times (NYT) and Reuters reported that day that Iran's Supreme National Security Council said in a statement that the United States had accepted the end-of-war proposal presented by Iran.
The proposal is said to include Iran's control over navigation in the Strait of Hormuz and the withdrawal of U.S. combat forces. Iran is expected to enter follow-up talks to finalize the details related to the proposal.