Seoul: The South Korean won surged to a nearly 23-month high against the U.S. dollar on Wednesday, propelled by significant dollar sales from local exporters, even as military tensions in the Middle East continued to escalate.

According to Yonhap News Agency, the won was quoted at 1,336.1 won per dollar at 3:30 p.m., reflecting an increase of 9.5 won from the previous stock trading session's close. This level marks the strongest point for the won since October 4, 2024. Traders have attributed this advance to dollar sales primarily from local semiconductor manufacturers.

Despite the won's recent gains, it has faced pressure due to rising global oil prices amid the ongoing conflict between the United States and Iran. Foreign investors contributed to this dynamic by selling a net 224.5 billion won (approximately US$167 million) worth of local stocks during the latest trading session. Meanwhile, the benchmark Korea Composite Stock Price Index rose by 1.4 percent, closing at 7,051.64.