The won-dollar exchange rate opened at 1,483 won on the 24th, up 2 won from the previous day.
This is interpreted as the result of growing uncertainty over a U.S.-Iran cease-fire agreement. In such cases, markets tend to favor safe-haven assets, and the won, which is not a reserve currency, tends to weaken.
Overnight, the United States repeated its stance that it would seal off the Strait of Hormuz. U.S. President Donald Trump said on the 23rd (local time) on the social media platform Truth Social, "I have ordered the U.S. Navy to shoot and kill any vessel, no matter how small, that lays mines in the waters of the Strait of Hormuz."
Trump also said, "We have complete control of the Strait of Hormuz," adding, "No vessel can enter or leave without U.S. Navy authorization." He continued, "The strait will be sealed up tight until Iran is able to make a deal."
On ending the conflict with Iran, he said, "I am probably the least pressured person in this situation." Trump added, "I have all the time in the world, but Iran does not. Time is not on their side! A deal will only be made when it is appropriate and beneficial to the United States, our allies, and the entire world."
In the securities market, some expect the won-dollar rate to stabilize once the war ends. Lee Seung-hun, a researcher at Meritz Securities, said, "Today's high exchange rate is the result of a sudden variable called war," adding, "Within a few weeks or months, as oil prices stabilize to the downside and the Strait of Hormuz returns to normal, it is expected to fall back to prewar levels."