South Korean won hits record low amid martial law upheaval
The South Korean won has experienced a substantial decline, now ranking as the lowest-valued major currency in the market, according to Bloomberg. This drop follows President Yoon Suk Yeol's declaration of martial law. He accused the opposition of sympathizing with North Korea and hindering government operations in Seoul.
Bloomberg reports that the South Korean won is significantly losing ground in the foreign exchange market against major currencies such as the U.S. dollar, euro, and Japanese yen. It currently holds the lowest value among major currencies.
"I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order," said Yoon in an unscheduled speech broadcast live by YTN television.
He did not specify what specific actions will be taken under martial law.
The President noted that the opposition Democratic Party, which holds the majority in parliament, has pushed for the impeachment of certain prosecutors and rejected the government's budget proposal.
The Democratic Party has called an extraordinary meeting of its members.
