The won-dollar exchange rate stood at 1,371 Korean won per U.S. dollar at 9 a.m. on the 22nd, down 9.3 won, or 0.67%, from the previous trading day’s close of 1,381 won. The rate opened at 1,371 won at 6 a.m. and later fell to around 1,360 won after 9 a.m. Analysts attributed the decline to major export companies selling dollars before the Chuseok holiday. Expectations for further won gains have strengthened as falling international oil prices and signs of dialogue between the U.S. and Iran improved investor sentiment toward riskier assets. Brent crude futures fell 3.4% to $100.34 a barrel on the 21st local time, while the S&P 500 rose 1.49% and the Nasdaq Composite Index surged 2.26%, reaching a record high for the first time since June. Min Kyung-won, a researcher at Woori Bank, said stronger risk appetite generally creates favorable conditions for exporters to sell dollars, adding that increased dollar supply could push the exchange rate lower. Rising global interest rates and a stronger dollar remain constraints, while increased demand for dollars could weaken the won and drive the exchange rate higher.