The won-dollar exchange rate opened at 1,471.1 won on the 28th. It rose 1.6 won from the previous transaction day.
On the previous day, the won-dollar exchange rate closed at 1,472.5 won, down 12 won on expectations of a U.S.-Iran end to hostilities. However, as talks failed to show progress, oil prices rose and demand for dollars expanded on expectations that the value of the safe-haven dollar would rise, pushing the exchange rate up slightly.
Earlier, Iran proposed a "phased negotiation plan," under which the Strait of Hormuz would first be opened and then nuclear talks would resume. U.S. President Donald Trump said he would review the plan but has not offered any further position.
Still, as the U.S.-Iran war appears to be shifting from a new phase of conflict to a negotiating phase, the likelihood of a sharp spike in the exchange rate is seen as low. In addition, as corporations increase the amount of dollars earned overseas that they are putting on the market to convert into won, some analysts say the upside in the exchange rate is limited.