Seoul: The South Korean currency opened lower against the U.S. dollar Tuesday, remaining well below the 1,470 won mark. The Korean won opened at 1,473.0 won per dollar, down 0.1 won from the previous session, and fell further to 1,474.2 won as of 9:30 a.m. The readings mark 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.
According to Yonhap News Agency, the won's weakness came as the Donald Trump government was set to announce reciprocal tariffs on Wednesday (U.S. time), while it emphasized that all countries will be targeted. An annual report on foreign trade barriers released Monday by the U.S. Trade Representative (USTR) cited South Korea's "offset" defense trade policy, emission-related regulations on imported cars, and pricing policies for pharmaceuticals as potential "non-reciprocal" trade practices.
The local currency has stayed near the 1,450 won level since December amid the U.S. tariff warnings and a domestic political crisis sparked by President Yoon Suk Yeol's martial law imposition.