The South Korean won strengthened to around 1,511 per dollar, extending its recovery after touching its weakest level since March 2009 near 1,560, as global demand for safe-haven assets eased following progress toward a US-Iran agreement. Washington and Tehran reached a framework aimed at ending their monthslong confrontation and restoring passage through the Strait of Hormuz, reducing tail-risk concerns around energy flows and helping stabilize broader financial conditions. The shift in sentiment weighed on the US dollar and supported risk-sensitive Asian currencies, with the won among the better performers, while a sharp equity rally, including a more than 5% rise in South Korea’s KOSPI, further reinforced positive sentiment. In addition, recent discussions between South Korean and US officials on foreign-exchange market conditions signaled closer monitoring of recent volatility.