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South Korean won falls, but is off lows amid political chaos in country - CNBC
Key Points
- South Korea’s won cut losses against the U.S. dollar after the country’s parliament swiftly passed a resolution to demand the lifting of martial law.
- The president said he would lift martial law following the vote.
South Korea’s won cut losses against the U.S. dollar after President Yoon Suk Yeol said he would lift the country’s first martial law order in more than four decades.
The won was last trading 0.09% lower at 1,416.31 against the greenback, having depreciated to 1,444.93 on Tuesday — its weakest level since October 2022, according to LSEG data.
Yoon’s announcement to end martial law came after parliament swiftly rejected his declaration. The country’s currency notched a fresh two-year low against the U.S. dollar after Yoon’s initial decision that the country would go under martial law, which refers to the temporary imposition of military authority over a civilian population and is typically seen during a time of emergency.
Yoon accused opposition lawmakers of controlling the parliament and throwing the country into a political crisis. The move, which hasn’t been imposed in Asia’s fourth-largest economy since 1980, was sharply criticized by opposition lawmakers.
