Southeast Asia Information Port (www.dnyxxg.com) – On the 23rd local time, the South Korean won fell below the 1510-to-1 mark against the US dollar, hitting a nearly 17-year low.
According to Yonhap News Agency, the won opened at 1504.9 won against the dollar in the Seoul foreign exchange market, down 4.3 won from the previous trading day's closing price. The decline then widened, reaching as low as 1511.8 won.
Analysts believe that the continued rise in international oil prices and obstructed passage through the Strait of Hormuz have led to strong demand for safe-haven assets such as the US dollar, resulting in the won's weakness.
It is reported that the Korea Composite Stock Price Index (KOSPI) fell nearly 5% on the 23rd. Oil prices and exchange rate factors prompted large-scale selling by foreign investors. (End)
