Korean won slides as U.S., Iran spar over ceasefire terms

▲ Officials work at the dealing room of Hana Bank in Seoul on April 9, 2026. (Yonhap)

Korean currency-volatility

Korean won slides as U.S., Iran spar over ceasefire terms

SEOUL, April 9 (Yonhap) -- The South Korean won fell against the U.S. dollar Thursday as the United States and Iran wrangled over the terms of a two-week ceasefire in their monthlong conflict.

The won opened at 1,480.6 per dollar, down 10 won from the previous session's close.

The local currency spiked to a one-month high Wednesday after U.S. President Donald Trump said he had agreed to refrain from attacking Iran for two weeks on condition that Iran reopens the Strait of Hormuz.

Tehran also agreed to the reopening of the crucial waterway, provided that attacks against Iran are halted.

But overnight, tensions in the Middle East persisted, with Israel vowing to continue its offensive against Lebanon, stressing that the country is not subject to the ceasefire agreement.

Iran also threatened that it may again close the Strait of Hormuz, citing Israel's attacks on Lebanon.

The United States and Iran are set to sit together to formalize their terms of the ceasefire over the weekend.

The dollar index, which measures the U.S. dollar against a basket of six major currencies, rose 0.040 to 99.06.

The conflict, which began in late February following U.S.-Israeli strikes on Iran, has escalated into a broader regional confrontation, rattling global markets and driving up oil prices, as the Strait of Hormuz has effectively been shut.

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