South Korean won hits 16-year low amid political turmoil
Date
12/30/2024 7:17:37 AM
(MENAFN) The South Korean won plunged to its lowest level in nearly 16 years on Friday, trading at 1,467.5 won per US dollar, amid escalating political unrest following Leader Yoon Suk Yeol's martial law declaration and subsequent impeachment.
During intraday trading, the won dipped further to 1,486.7 per dollar, marking a level not seen since March 2009 during the global financial crisis. The 2.7 won drop from the previous session reflects growing concerns over the country’s political and economic stability.
The turbulence also impacted the stock market, with the Korea Composite Stock Price Index (KOSPI) dropping by 1.02 percent to close at 2,404.77. Heavy foreign and institutional selling exacerbated the downturn, signaling a lack of confidence in the market.
South Korean officials are reportedly monitoring the situation closely, as the political crisis continues to weigh on investor sentiment and the nation’s financial markets.
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