Korean won gains sharply against US dollar on renewed hope on US-Iran peace deal
The Korean won strengthened sharply against the U.S. dollar on Friday as U.S. President Donald Trump said a peace agreement with Iran could be signed as soon as this weekend.
The won opened at 1,518 won per dollar, up 10.9 won from the previous session, marking the highest opening price since June 2.
However, the local currency trimmed some gains and was quoted at 1,518.5 won per dollar as of 10:14 a.m. Trump has said a peace deal with Iran is in "pretty final shape" and, if finalized, it would reopen the Strait of Hormuz, a key shipping route for oil, fertilizer and other commodities.
Earlier in the day, Korean stocks opened sharply higher as investors bet on a possible settlement of the Iran war.
At one point in the morning trading, the benchmark Korea Composite Stock Price Index jumped 7.09 percent to 8,314.56 points.
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