- विज्ञापन -
Seoul: The South Korean won was the weakest currency globally last week, impacted by political instability following President Yoon Suk Yeol’s brief martial law declaration. Data from Yonhap Infomax revealed that the won fell by 24.5 won per dollar, marking its steepest weekly decline since January, when it dropped 25.5 won.
The won depreciated by 1.86 percent against the U.S. dollar on Friday compared to the previous week, making it the worst performer among major currencies. In contrast, the Australian dollar decreased by 1.32 percent, and the Chinese yuan fell by 0.36 percent. The Japanese yen and the British pound, however, saw slight gains of 0.1 percent and 0.26 percent, respectively.
During offshore trading on Wednesday, the won plummeted to 1,442 won, the lowest level since October 2022, following Yoon’s unexpected martial law announcement in a late-night address. By Friday, the currency was valued at 1,419.20 won against the dollar, down 4.1 won from the previous day.
According to Moon Jeong-hee, an economist at KB Kookmin Bank, “Political developments have further weakened investor sentiment, which was already strained by concerns over the semiconductor industry cycle and uncertainties related to Donald Trump’s tariff policies.”
In response to the situation, the main opposition Democratic Party (DP) has demanded the immediate arrest and investigation of President Yoon regarding his failed martial law declaration. Yoon narrowly avoided impeachment on Saturday due to a lack of quorum, as most lawmakers from his ruling People Power Party (PPP) boycotted the vote. The DP is also seeking to strip Yoon of his military command authority and has vowed to initiate a special counsel investigation into treason charges against him and other officials.
