Lead

The South Korean won weakened against the U.S. dollar on Monday and Tuesday, as foreign investors continued to sell local stocks, according to Yonhap News Agency. The won closed at 1,429.8 won per dollar on Monday, down 5.8 won from the previous Friday's onshore close, and at 1,432.5 won on Tuesday, down 2.7 won from the previous day's stock trading close.

Coverage comparison

Yonhap News Agency reported on both trading days, attributing the won's weakness to foreign investors' net selling of local stocks. On Monday, the won opened at 1,437.5 won per dollar and strengthened to as high as 1,425 won, marking its strongest level since Feb. 26, before closing lower. On Tuesday, the won opened at 1,431.8 won per dollar and stayed flat, with the dollar remaining weak after the United States and Japan confirmed their joint market intervention last week.

The reports also noted the influence of oil prices and U.S.-Iran relations. On Monday, oil prices declined amid fresh optimism over prospects of talks between the U.S. and Iran. On Tuesday, oil prices gained as U.S. President Donald Trump claimed that talks with Iran were underway, stressing that the two sides were discussing the reopening of the crucial Strait of Hormuz, although Tehran denied any plans for negotiations with Washington.

Key claims

  • The won weakened against the dollar on Monday, closing at 1,429.8 won per dollar at 3:30 p.m., down 5.8 won from the previous Friday's close.
  • On Tuesday, the won closed at 1,432.5 won per dollar, down 2.7 won from the previous day's close.
  • Foreign investors were net sellers of local stocks on both days. On Monday, they sold a net 2.8 trillion won (US$1.9 billion) worth of local stocks. On Tuesday, they sold a net 370.5 billion won (US$258.1 million) worth.
  • The benchmark Korea Composite Stock Price Index (KOSPI) dipped 5.12 percent on Monday to close at 6,257.45, then rose 1.62 percent on Tuesday to close at 6,358.95.
  • On Monday, the won opened at 1,437.5 won per dollar and rose to as high as 1,425 won, the strongest level since Feb. 26.
  • On Tuesday, the won opened at 1,431.8 won per dollar and stayed flat.
  • Oil prices declined on Monday amid fresh optimism over prospects of talks between the U.S. and Iran.
  • Oil prices gained on Tuesday as U.S. President Donald Trump claimed that talks with Iran were underway, while Tehran denied any plans for negotiations with Washington.

Perspectives

  • Yonhap News Agency: The reports from Yonhap frame the won's movement as driven by foreign investors' selling of local stocks, with oil prices and U.S.-Iran talks as contributing factors. The tone is neutral and factual, focusing on market data and official statements.
  • U.S. President Donald Trump: Trump claimed that talks with Iran were underway, stressing that the two sides were discussing the reopening of the Strait of Hormuz.
  • Iranian government: Tehran denied any plans for negotiations with Washington, according to the Yonhap report.