The afternoon 3:30 benchmark exchange rate for the South Korean won against the US dollar in the Seoul foreign exchange market was tallied at 1,345.6 won.

This marks an increase of 5.1 won from the previous trading session's afternoon 3:30 benchmark of 1,340.5 won.

The exchange rate returned to an upward trend based on the afternoon 3:30 figures for the first time in five trading sessions.

The exchange rate started trading at 1,344.4 won and dropped to as low as 1,336.3 won around 11:00 AM, but later rebounded to recover the 1,340-won range.

Previously, tensions in the Middle East escalated over the weekend as the US and Iran exchanged attacks targeting warships and oil tankers passing through the Strait of Hormuz.

Consequently, the October delivery price of West Texas Intermediate (WTI) crude surpassed 94 dollars per barrel on this day, hitting a three-month high since June 8.

The upward pressure on the exchange rate is also interpreted as being driven by low-price buying demand, centered around importing companies, following the recent steep decline in the exchange rate.

News of the National Pension Service halting its currency hedging, which was reported the previous day, also appears to have been absorbed as upward momentum.

However, while dollar-selling trends centered around semiconductor companies continued, the Japanese yen showed strength, which is seen as having moderated the pace of the increase.

As of 3:30 PM, the yen-dollar exchange rate stood at 153.742 yen, down 1.88 yen.

The yen-dollar exchange rate briefly dropped to 152.892 yen during the day, recording its lowest level since February 17 of this year (152.845 yen).

This represents a drop of about 10 yen from the late 163-yen range reached at the end of July.

Japanese Finance Minister Satsuki Katayama stated in a press conference following a cabinet meeting that day regarding recent exchange rate trends, "Our stance on responding to the foreign exchange market has not changed at all since the time of the US-Japan cooperative intervention."

As the possibility of joint intervention by the US and Japan to defend against the depreciation of the yen was reaffirmed, expectations grew that the Bank of Japan (BOJ) would raise interest rates next week.

In response, speculative forces are reportedly dumping the US dollars they had accumulated and purchasing yen.

Since the yen and the won tend to move in similar directions in global financial markets, this acted as a factor controlling the speed of the exchange rate increase.

Meanwhile, as the exchange rate has recently declined, the Bank of Korea announced that the possibility of per capita Gross National Income (GNI) exceeding 40,000 dollars this year has grown stronger.

According to the "2nd Quarter National Income (Provisional)" released by the BOK on this day, nominal Gross National Income (GNI) in the second quarter increased by 8.8% from the previous quarter.

If there are no unexpected shocks during the remaining period of this year and the stable trend in the exchange rate continues, per capita GNI in US dollar terms is expected to exceed 40,000 dollars.

The dollar index, which shows the value of the US dollar against the currencies of six major nations, stood at 98.846 as of 3:30 PM, down 0.25.

(Photo: Yonhap News)