The won-dollar exchange rate against the U.S. dollar was 1,480.9 won at 9 a.m. on the 22nd. That was up 7.5 won (0.5%) from the prior transaction day's weekly closing price.
There is an outlook that the exchange rate could hit the 1,480-won level that day. The reason is the high likelihood that the U.S.-Iran military clash will drag on. If a war-like situation persists, demand for the safe-haven dollar could rise, pushing the exchange rate higher.
Min Kyung-won of Woori Bank said, "It is true there are expectations that dollar supply in the Seoul foreign exchange market will expand," but added, "Without an improvement in external conditions, a trend-like decline in the exchange rate will be limited."
The United States resumed airstrikes against Iran on the 11th after a civilian vessel passing through the Strait of Hormuz was attacked. U.S. President Donald Trump also signaled a strike on Pickaxe Mountain, which is presumed to house Iran's nuclear facilities.
However, some analysis says the rise in the exchange rate may not be large. With the three major indexes closing higher on the 21st (local time) in New York, net buying by foreign investors can be expected in Korea's main stock market. When foreigners sell dollars they hold to buy domestic stocks, it has the effect of lowering the exchange rate. Foreign investors recorded a net purchase of 195 billion won in the main stock market the previous day.