The won-dollar exchange rate against the U.S. dollar closed at 1,484.5 won on the 24th. That was up 3.5 won from the previous day.
This is seen as a result of heightened tensions around the Strait of Hormuz as the war between the United States and Iran continues. When geopolitical risks grow like this, demand for safe-haven assets increases in the market, and the value of the won tends to fall.
There were reports that Iran recently installed more mines, which are bombs, in the Strait of Hormuz. On the 23rd (local time), the U.S. online outlet Axios reported that this week the Islamic Revolutionary Guard Corps (IRGC) Navy laid mines in the Strait of Hormuz. U.S. President Donald Trump also said on the social media platform Truth Social, "I have ordered the U.S. Navy to shoot and kill any vessel laying mines in the waters of the Strait of Hormuz, no matter how small the vessel," in the same context.
There was also speculation that if cease-fire talks collapse, the United States would strike Iranian forces deployed around the Strait of Hormuz. On the same day, CNN said that if cease-fire talks with Iran do not proceed smoothly, the U.S. military plans to consider strikes targeting the Iranian navy in the Strait of Hormuz, the southern Arabian Gulf, and the Gulf of Oman. Iran's assets used to blockade the strait, such as small high-speed attack boats and minelaying vessels, are being mentioned as targets.
Min Kyung-won, a Woori Bank researcher, said, "As the stance on blockading the Strait of Hormuz has hardened, uncertainty over future talks has further intensified."