The won–dollar exchange rate against the U.S. dollar opened at 1,539.4 won on the 23rd. It rose 2.4 won from the previous transaction day.
There is an outlook that the won–dollar exchange rate will edge down that day. International oil prices fell as U.S.–Iran talks showed progress. On the 22nd (local time), West Texas Intermediate (WTI) fell 2.32% to $74.82 per barrel, and Brent crude dropped 3.31% to $77.9 per barrel. If tensions in the Middle East ease, risk asset investment sentiment could recover, allowing the won–dollar exchange rate to fall.
As the won–dollar rate broke back above 1,530 won, the likelihood increased that export corporations will sell dollars into the market. When dollars are supplied to the market, the won appreciates and the won–dollar exchange rate tends to fall. Min Kyung-won of Woori Bank said, "The fact that exporters are moving to respond with active selling is also a positive factor for the won."
However, the high likelihood that the U.S. will raise its benchmark interest rate is weighing on the exchange rate. When the U.S. tightens liquidity, the dollar tends to strengthen, so most currency, including the won, tends to weaken. Experts note that with U.S. inflation surging due to the Middle East war, the probability of a rate hike is high.