This photo shows a dealing room at Hana Bank in Seoul on Dec. 4, 2024. (Image courtesy of Yonhap)
SEOUL, Dec. 4 (Korea Bizwire) — The South Korean currency fell markedly against the U.S. dollar Wednesday amid political turmoil following President Yoon Suk Yeol’s now-lifted declaration of emergency martial law.
The Korean won opened at 1,418.1 won per dollar, down 15.2 won from the previous session.
During the nighttime offshore trading, the won had dropped to below the 1,440 won level, the lowest level since Oct. 25, 2022, after Yoon declared emergency martial law in a surprise late-night address Tuesday, accusing the opposition side of conducting “anti-state activities.”
The local currency had pared earlier losses to end at 1,425 won after financial authorities vowed to mobilize “all resources available” to stabilize the markets, including the injection of “unlimited liquidity.”
The foreign exchange and stock markets opened as usual at 9 a.m., though authorities had reviewed a possible adjustment over the political situation.
After a tense, dramatic night, where troops surrounded the National Assembly building in Seoul, Yoon lifted the military rule as the National Assembly voted to reject it.
(Yonhap)
