Korean won slides further against US dollar as foreigners continue to sell local stocks

The won-dollar exchange rate is displayed at a dealing room in Hana Bank, Seoul, Monday. Yonhap

The Korean won weakened further against the U.S. dollar Tuesday as foreign investors continued to sell local stocks.

The won opened at 1,543.1 won per dollar, up 2.1 won from the previous session, but fell to as low as 1,549.4 won per dollar at one point in the morning trading.

On Monday, the won hit its weakest level since March 9, 2009, slumping to 1,545.2 won per dollar at the close of onshore trading.

The benchmark Korea Composite Stock Price Index rose 0.68 percent to 8,451.78 as of 9:15 a.m., driven by a rebound in heavyweight technology stocks.

However, foreign investors had sold more than a net 700 billion won ($452 million) worth of local stocks at one point in the morning.

The won's slide is also likely to put traders on watch over geopolitical risks amid reports that the United States and Iran would renew talks over their diplomatic efforts to end the war in the Middle East.