Seoul: The South Korean currency weakened markedly against the U.S. dollar Tuesday to reach the lowest level in over 16 years amid deepening concerns about the impact of the Donald Trump administration's sweeping tariff plan on the economy. The Korean won was quoted at 1,473.2 won against the greenback at 3:30 p.m., down 5.4 won from the previous session.
According to Yonhap News Agency, the reading marks the lowest level since March 13, 2009, when the won was quoted at 1,483.5 won as the country was grappling with the aftermath of the global financial crisis. The depreciation of the won is raising alarms in South Korea's financial markets, as stakeholders assess the broader implications of the U.S. tariff plan on trade and economic stability.
Financial analysts are closely monitoring the situation, as South Korea's export-driven economy could face challenges due to increased costs and potential retaliatory measures by other countries. The government and the Bank of Korea are expected to consider measures to stabilize the currency and mitigate any adverse effects on the economy.