Won falls on Trump’s renewed threats to hit Iranian infra

Seoul: The South Korean won weakened against dollar on Monday after US President Donald Trump renewed threats to strike Iranian energy facilities and bridges if the Strait of Hormuz is not reopened, while setting a new deadline for action.

The won closed at 1,506.3 per dollar, down 1.1 won from the previous session, reports Yonhap news agency.

The local currency opened at 1,510.3 won on Monday, but some of the earlier losses were pared on news reports that the United States and Iran were discussing a potential 45-day ceasefire as part of a two-phase deal that could eventually lead to a permanent end to the war.

The currency has shown heightened volatility in recent sessions, remaining below the psychologically important 1,500 won level, as the war in the Middle East that began late February has driven up global oil prices, fuelling concerns over inflation and a potential economic slowdown.