The won-dollar exchange rate opened at 1,472.4 won on the 21st. It fell 4.8 won from the previous day.
This is seen as an effect of the United States extending the cease-fire deadline with Iran by a day beyond what was initially disclosed. As interpretations emerged that the United States extended the cease-fire period to secure time for talks, expectations grew in the market that geopolitical risks would ease. In such a case, risk appetite tends to revive and the won, which is not a reserve currency, tends to strengthen.
On the 20th (local time), U.S. President Donald Trump said in a phone interview with Bloomberg News that the end time of the two-week cease-fire with Iran is "Wednesday (the 22nd) evening, Washington time." When the United States and Iran agreed to a two-week cease-fire at their first face-to-face talks on the 7th, the cease-fire deadline was known to be the 21st. Trump's remarks that day are interpreted as a flexible reading of when the cease-fire took effect to stretch the cease-fire period as much as possible.
Trump also said the second face-to-face talks with Iran would take place on the 21st. Trump said, "Vice President JD Vance will leave for Pakistan that day for negotiations with Iran." On the possibility of extending the cease-fire without reaching an agreement with Iran, Trump said it was "very small." He added, "If there is no agreement, the fighting will resume immediately."