South Korea's Won Plummets After Martial Law Declaration

South Korea's currency, the won, has experienced a significant drop against the US dollar following the declaration of martial law by President Yoon Suk-yeol. The exchange rate plummeted to 1,443.40 won per dollar, a sharp decline from 1,399.48 earlier in the day. This marks the lowest value for the won since October 2022, when it reached 1,432.4 won against the dollar. In a late-night address, President Yoon accused the opposition of undermining the government through 'anti-state activities' and declared martial law in response to what he described as a seizure of control over parliament. Analysts, including Brad Bechtel from Jefferies, suggest that the currency may remain volatile, depending on foreign investor reactions in the local stock markets. If aggressive selling occurs, the won could potentially reach 1,450 against the dollar.