The won-dollar exchange rate opened at 1,474 won on the 29th. It rose 0.4 won from the prior transaction day.
Experts expected the won-dollar exchange rate to rise slightly that day. The view is prevalent because U.S.-Iran talks have stalled, raising the prospect that the closure of the Strait of Hormuz could drag on. If the closure of the Strait of Hormuz continues, oil prices rise and demand for the dollar, a safe asset in the market, increases, pushing the won-dollar exchange rate higher.
Earlier, Iran proposed a "phased negotiation plan" to reopen the Strait of Hormuz first and then resume nuclear talks with the United States. The United States said it would review the plan, but the chances of acceptance are slim. The New York Times reported that U.S. President Donald Trump showed dissatisfaction with Iran's proposal.
However, the rise was seen as limited. That is because export corporations are increasingly selling dollars earned overseas to convert them into won. The fact that the won-dollar exchange rate closed at 1,473.6 won, up 1.1 won the previous day, also led to analysis that the won's value held thanks to export corporations' sell orders.