The South Korean won traded near 1,497 per dollar, largely unchanged as improving risk sentiment followed signs of easing tensions in the Middle East. US President Donald Trump indicated progress in negotiations with Iran, bolstering hopes for a potential de-escalation of the conflict. This shift supported regional markets and reduced safe-haven demand for the US dollar.
Still, gains in the won were capped as underlying risks persisted. Continued disruptions to energy supplies—including constraints in the Strait of Hormuz and production setbacks at QatarEnergy—kept concerns elevated over higher import costs and inflationary pressure in South Korea. At the same time, discussions about expanding foreign-exchange hedging by the National Pension Service suggested possible longer-term support for the won, although its near-term trajectory remained primarily influenced by geopolitical developments and oil price volatility.
