FX.co ★ South Korean Won Extends Losses on US-Iran Risks

The South Korean won weakened to around 1,515 per dollar, extending losses from the previous session amid persistent uncertainty over US-Iran negotiations and rising oil prices. US President Donald Trump said he was in no rush to finalize a deal with Iran, despite earlier expectations that an agreement could be reached soon, while disputes over nuclear conditions and the reopening of the Strait of Hormuz continued to cloud the outlook. Higher crude prices further pressured the won, given South Korea’s heavy dependence on energy imports. Even so, the currency’s decline was partially offset by robust export performance: South Korea’s outbound shipments surged 53% year-on-year in May to a record $87.8 billion, driven by a 169% increase in semiconductor exports. At the same time, the KOSPI advanced to a new record high on sustained optimism about AI-related investment and technology demand, supporting overall risk appetite.