Seoul: The South Korean currency, the won, plummeted to its lowest point in over two years on Wednesday, amid political upheaval following the now-rescinded declaration of emergency martial law by President Yoon Suk Yeol. The currency was quoted at 1,410.1 won per dollar at 3:30 p.m., marking a decrease of 7.2 won from the previous trading session.According to Yonhap News Agency, this marks the lowest level for the won since November 4, 2022, when it stood at 1,419.2 won per dollar. The day began with the won opening at 1,418.1 per dollar and experiencing fluctuations as political tensions affected market stability. The volatility was triggered by President Yoon's unexpected late-night address on Tuesday, where he accused opposition forces of engaging in "anti-state activities" and declared martial law.The situation escalated overnight as military forces surrounded the National Assembly building in Seoul, leading to heightened tension. However, the military rule was lifted after the National Assembly vote d against it. During offshore trading at night, the won fell to below 1,440 per dollar, its weakest point since October 25, 2022.In response to the financial instability, South Korean financial authorities have pledged to utilize "all resources available" to stabilize the market, including injecting "unlimited liquidity." The Bank of Korea announced the commencement of special repo operations starting Wednesday and plans to relax repo-related collateral policies to boost liquidity until the financial and foreign exchange markets stabilize.Furthermore, opposition parties have responded to the crisis by submitting a motion to impeach President Yoon earlier in the day.
- September 13, 2026
