Seoul: The South Korean currency, the won, experienced a significant decline against the U.S. dollar on Wednesday due to the political upheaval following President Yoon Suk Yeol's declaration of emergency martial law, which has since been lifted. The won was quoted at 1,410.1 won per dollar by 3:30 p.m., reflecting a fall of 7.2 won from the previous session.According to Yonhap News Agency, the currency opened the day lower at 1,418.1 won per dollar and experienced fluctuations throughout the trading hours. The high volatility was triggered by President Yoon's unexpected announcement in a late-night address on Tuesday, where he accused the opposition of engaging in "anti-state activities" and declared martial law, leading to a dramatic night with troops surrounding the National Assembly building in Seoul.The martial law declaration was subsequently lifted after the National Assembly voted against it, but the overnight trading saw the won drop to below 1,440 won, marking its lowest point since October 25, 2022. The financial authorities swiftly intervened to stabilize the markets, promising to utilize "all resources available," including the provision of "unlimited liquidity."The Bank of Korea announced that it would commence special repo operations starting Wednesday and relax repo-related collateral policies to boost liquidity until stability is restored in the financial and foreign exchange markets. Meanwhile, the opposition parties have submitted a motion to impeach President Yoon, adding further tension to the political landscape.
- September 13, 2026
