The won-dollar exchange rate against the U.S. dollar was 1,339.5 won at 9 a.m. on the 9th. That was down 6.1 won (0.45%) from the previous session's close.
There is a view that the exchange rate could rise to the mid-1,340-won range that day. As Middle East tensions worsen and international oil prices climb, stocks are falling and demand for the safe asset, the dollar, could expand. The won is particularly cited as a currency sensitive to swings in international oil prices.
On the 8th (local time), Brent crude, the benchmark for international oil prices, settled at $97.92 per barrel, up 0.95% from the previous session. West Texas Intermediate (WTI) rose 1.69% to $93.03. As a result, the Standard & Poor's (S&P) 500 index fell 0.58% and the Nasdaq composite index fell 0.32% at the close of trading.
With the exchange rate falling quickly recently, bargain hunting for dollars could grow. If more people try to buy dollars, the exchange rate rises. Min Kyung-won of Woori Bank said, "Real-demand bargain buying continues to flow in, including importers that need to remit settlement payments in mid-month and residents exchanging currency for overseas stock investments."