The won-dollar exchange rate against the U.S. dollar closed at 1,474.6 won on the 16th. It rose 0.4 won from the previous day.
That day, the won-dollar exchange rate opened at 1,473.6 won, down 0.6 won from the previous day. But as a cease-fire deal between the United States and Iran remained elusive, the won-dollar exchange rate appeared to reverse higher and end the transaction.
Axios, a U.S. political news outlet, reported on the 15th (local time) that the United States and Iran are working to bridge differences and reach a basic agreement. Pakistan, Egypt and Turkiye were said to be mediating between the two countries.
According to the Associated Press and others, the same day a Pakistani delegation including Army Chief Asim Munir met with Iranian Foreign Minister Abbas Araghchi. Munir is known to have played a key role in making possible on the 11th the first face-to-face talks between the United States and Iran since the Middle East war. Because of this, there was speculation that this meeting was Munir visiting the Iranian side to coordinate a preliminary agenda ahead of a second round of U.S.-Iran talks.
Choi Je-min, a researcher at Hyundai Motor Securities, said, "In the worst-case war scenario, there could be a forced deployment of U.S. ground troops or attacks on Iranian energy facilities," adding, "In that case, the risk of stagflation (rising prices amid an economic downturn) is expected to increase due to the widening and prolonging of war and energy supply disruptions."