The won-dollar exchange rate against the U.S. dollar opened at 1,495.5 won on the 29th. It fell 7.2 won from the previous trading day.
The won-dollar exchange rate's lower open that day is believed to be due to news that the U.S.-Iran cease-fire agreement will soon be concluded. When the war ends, risk-asset investment sentiment could expand, reducing demand for the safe-haven dollar and pushing the won-dollar exchange rate lower.
A U.S. outlet reported that the United States and Iran have agreed to a memorandum of understanding (MOU) to end the war and are awaiting final approval from U.S. President Donald Trump. However, Iran's Tasnim news agency, citing a member of Iran's negotiating team, reported, "The claim that the text of the MOU between Iran and the United States has been finalized and only an official announcement remains is not true."
On the back of this news, the three major indexes all hit record highs on the New York stock market on the 28th (local time). The Dow Jones Industrial Average rose 0.05% from the previous session to 50,668.97, the Standard & Poor's (S&P) 500 rose 0.58% to 7,563.67, and the Nasdaq rose 242.74 points (0.91%) from the previous session to close at 26,917.47.