The won-dollar exchange rate closed at 1,472.5 won on the 27th. That was down 12 won from the previous transaction day.
This is seen as the result of progress in cease-fire talks between the United States and Iran. When geopolitical risk eases like this, demand in the market to invest in risk assets grows, and the value of the won, which is not a reserve currency, tends to rise.
Axios, a U.S. political news outlet, reported on the 26th (local time), citing sources, that Iran proposed to the United States that it would open the Strait of Hormuz first and declare a cease-fire. According to Axios, Iran simultaneously proposed to continue nuclear talks later. The idea is to first lift the U.S. maritime blockade, agree to a long-term truce or a permanent end to the war, and then hold nuclear talks.
The United States currently demands that Iran halt uranium enrichment for at least 10 years. It is also telling Iran to ship already enriched uranium overseas. U.S. President Donald Trump said in a phone interview with Fox News the same day, "They (Iran) cannot have nuclear weapons. Otherwise there is no reason to meet."