Seoul: The South Korean won rose sharply against the U.S. dollar Wednesday, rebounding from a steep decline in the previous session, after U.S. President Donald Trump signaled a potential end to the monthlong war in the Middle East. The won opened at 1,508.5 per dollar, up 21.6 won from the previous session's close of 1,530.1.

According to Yonhap News Agency, Tuesday's level marked the lowest since March 9, 2009, when the won closed at 1,549 during the global financial crisis. As the conflict drags on, Trump said Tuesday (U.S. time) he expects U.S. forces to withdraw from Iran in "two or three weeks," adding, "All I have to do is leave Iran, and we'll be doing that very soon, and they'll come tumbling down."

Iranian President Masoud Pezeshkian told European Council President Antonio Costa that Tehran has the "necessary will" to end the war, provided its adversaries guarantee it will not reignite, according to foreign media reports. Overnight, the dollar index, which measures the U.S. currency against six major peers, fell below the 100 level. U.S. stocks also rose as investors welcomed the latest developments.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.88 percent to 5.299.02 in the first 15 minutes of trading on Wednesday. Domestic and global foreign exchange and stock markets have seen heightened volatility as U.S.-Israeli strikes on Iran that began late last month escalated into a broader regional conflict, driving up global oil prices and stoking concerns about inflation and an economic slowdown.