Seoul: The South Korean won gained sharply against the U.S. dollar Tuesday, recovering from a 17-year low in the previous session, after U.S. President Donald Trump delayed planned strikes on Iranian energy infrastructure amid talks to end the conflict. The won was quoted at 1,495.2 per dollar, up 22.1 won from the previous session's 1,517.3 won. It was the first time in four sessions that the won rose above the psychologically and technically critical 1,500 won threshold. Monday's level marked the weakest since March 9, 2009, when the won fell to 1,549 during the global financial crisis.

According to Yonhap News Agency, domestic and global foreign exchange and stock markets have experienced heightened volatility as U.S.-Israeli strikes on Iran that began late last month have escalated into a broader regional conflict. The rebound came after Trump announced on Monday (U.S. time) that he had ordered a five-day postponement of the threatened strikes on Iranian energy facilities, citing "constructive" discussions aimed at ending the war in the Middle East.

Earlier, Trump had warned that the U.S. would "obliterate" Iran's power plants unless Tehran lifted its blockade of the Strait of Hormuz within 48 hours, with the deadline expiring late Monday. The Strait of Hormuz has been effectively shut since the start of the conflict, disrupting global oil supplies. The benchmark Korea Composite Stock Price Index (KOSPI) surged 2.74 percent to 5,553.92 on Tuesday, rebounding from a 6.49 percent decline in the previous session.