Seoul: The South Korean won strengthened against the U.S. dollar Friday, as exporters sold dollars amid renewed tension in the Middle East. The won was quoted at 1,416.1 won per dollar at 3:30 p.m., up 7.7 won from the close of stock trading the day before.

According to Yonhap News Agency, the won opened at 1,424 won per dollar and rose to as high as 1,415.9 won in afternoon trading, marking the strongest level since October 2 of the previous year. The strengthening of the won comes at a time when global oil prices have risen due to Iran's reported plan to ban U.S., Israeli, and other ships deemed hostile from the Strait of Hormuz in a proposed deal with Oman.

Foreign investors were net sellers of South Korean stocks, offloading a total of 858.1 billion won (approximately US$606 million) worth of local stocks during the latest trading session. This selling activity contributed to a 0.6 percent decline in the benchmark Korea Composite Stock Price Index, which closed at 6,258.77.