On the morning of the 8th, when a buy-side sidecar was triggered on the KOSPI, the display board at the dealing room of Hana Bank in Jung-gu, Seoul shows the KOSPI and the won-dollar exchange rate. Reporter Moon Jae-won

With the United States and Iran agreeing to a two-week ceasefire on the condition of fully reopening the Strait of Hormuz, the won-dollar exchange rate fell sharply on the 8th.

In the Seoul foreign exchange market that day, the won-dollar rate opened at 1479.9 won per dollar, down 24.3 won from the previous session. It was the first time in about two weeks since the 25th of last month that the rate opened below 1500 won, and the first time in about a month since the 12th of last month that it fell into the 1470-won range during intraday trading.

A large part of the move reflected relief in financial markets after the United States and Iran reached a ceasefire agreement before the foreign exchange market opened. As the dollar weakened, with the dollar index, which compares the value of the dollar against the currencies of six major countries, falling below the 100 level, the exchange rate also stabilized. The won, which is sensitive to fundamentals (basic strength), had reacted sensitively to the surge in oil prices, but an intraday drop of more than 15% in international crude became a catalyst for a reversal lower.

The yen-dollar exchange rate, which moved in tandem with the won, also fell sharply from 159.6 yen per dollar to 158.7 yen.