Korean won weakens sharply over martial law declaration; stock markets opening undecided

SEOUL, Dec. 4 (Yonhap) — The South Korean currency fell sharply against the U.S. dollar Wednesday after President Yoon Suk Yeol declared emergency martial law.

The Korean won had slid to as low as 1,441 won per dollar during the nighttime offshore trading after Yoon declared martial law in a previously unannounced late-night address Tuesday, accusing the opposition side of controlling the parliament and paralyzing the government by conducting “anti-state activities.”

It was the lowest level since Oct. 25, 2022, when the local currency sank to 1,444.2 won during intratrading.

In onshore trading, the local currency was quoted at 1,402.9 won against the greenback at 3:30 p.m., down 1.6 won from the previous session.