A television screen shows a news broadcast of South Korean President Yoon Suk-yeol giving a speech on emergency martial law, in Goyang, northwest of Seoul, on December 3, 2024.
Jung Eun Ji | AFP | Getty Images
South Korea won The dollar trimmed losses against the US dollar after President Yoon Suk-yeol said he would lift the country's first martial law order in more than four decades.
The won last fell 0.09% to 1,416.31 against the dollar, after falling 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 quickly rejected his declaration. The country's currency recorded its lowest levels in two years against the US dollar US dollar Following Yoon's initial decision that the country would be subject to the Marriage Law, which refers to a temporary imposition of military authority over a civilian population and is typically seen during a period of emergency.
Yoon accused opposition lawmakers of taking control of Parliament and throwing the country into a political crisis. The move, which has not been imposed in Asia's fourth-largest economy since 1980, was sharply criticized by opposition lawmakers.
US dollar/Korean won foreign exchange rate.
Yoon's conservative People Power Party has reached an impasse in negotiations with the opposition Liberal Democratic Party over the 2025 budget bill.
The 63-year-old took office in May 2022, shortly after winning the presidential election by the narrowest margin in the country's history. His foreign policy was dominated by a hardline stance toward North Korea, while Yoon also sought to strengthen relations with the United States and Japan.
Exchange-traded funds and shares of Korean companies listed in the United States fell on Tuesday, before seeing a rebound after the country's parliament voted to lift martial law.
South Korea's KOSPI fell 1.8% on Wednesday, while the KOSDAC fell 2%, with several major stocks falling.
Shares of chip maker Samsung Electronics fell by about 1%, while shares of battery maker LG Energy Solution and the automaker fell. Hyundai Motor It decreased by 2.8% and 2.4%, respectively.
