Korean won gains against US dollar as oil prices slide
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Stock market indices are displayed on a board at the Hana Bank dealing room in Jung-gu, Seoul, Tuesday. Yonhap
The Korean won climbed against the U.S. dollar Tuesday, as global oil prices declined with U.S. President Donald Trump signaling a possible resolution to the war with Iran.
The won was quoted at 1,337.5 won per dollar at 3:30 p.m., up 9.6 won from the close of the previous stock trading session.
After meeting with Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, a key mediator between Washington and Tehran, at the White House, Trump told reporters that further strikes against Iran will not be necessary for the time being.
The won’s advance also got a boost from a sharp rebound in the stock market, with foreign investors turning to net buyers of local stocks.
Foreign investors bought a net 350 billion won ($260 million) worth of local shares during the latest regular stock trading session, with the benchmark Korea Composite Stock Price Index jumping 4.39 percent to close at 5,239.13.
