Won Weakens To 1,480.1 Per Dollar On Red Sea Supply Fears

According to Yonhap, the South Korean won fell against the U.S. dollar Wednesday as concerns grew over possible oil supply disruptions after Iran-backed Houthi militants threatened to attack ships in the Red Sea. The won was quoted at 1,480.1 per dollar at 3:30 p.m., down 6.7 won from the previous session, as renewed tensions in the Middle East and escalating military strikes between the U.S. and Iran weighed on the currency. The Houthi militia earlier announced a blockade on Saudi Arabia, raising fears that the Red Sea, an alternative energy export route, could become unsafe for commercial shipping like the Strait of Hormuz and the Persian Gulf. Overseas investors bought a net 2.06 trillion won ($1.4 billion) worth of local stocks, while the benchmark Korea Composite Stock Price Index rose 0.74% to 6,797.7 points.