Won Edges Higher As Exporters Sell Dollars Amid US-Iran Conflict

According to Yonhap, the South Korean won edged up against the U.S. dollar on Monday as exporters sold dollars despite a worsening conflict between the United States and Iran in the Middle East. The won was quoted at 1,478.4 per dollar at 3:30 p.m., up 0.1 won from the previous session, after opening at 1,490 and trimming earlier losses. Some analysts said exporters and investors sold dollars while SK hynix Inc. converted part of the proceeds it raised through American depositary receipts on the Nasdaq market into won. Overseas investors also bought a net 516.1 billion won ($349 million) of local stocks on Monday, even as the benchmark Korea Composite Stock Price Index fell 4.46% to 6,516.27 points.