Won plummets to two-year low after Korean president declares state of emergency

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Won plummets to two-year low after Korean president declares state of emergency

Published: 03 Dec. 2024, 23:15 Updated: 04 Dec. 2024, 14:23

SHIN HA-NEE
[email protected]

Audio report: written by reporters, read by AI

The Eurex Mini Kospi 200 Futures Index, trading between 6 p.m. and 5 a.m. Korean time, sharply dropped to 319.22 as of 11:58 p.m., down 2.07 percent from the previous session. [SCREEN CAPTURE]

The Korean won is sharply losing its value against the dollar following President Yoon Suk Yeol’s declaration of emergency martial law.

The local currency was trading at 1,425.20 won per dollar as of 11:30 p.m. on Tuesday, up 23.9 won from the previous session's closing price, after soaring as high as 1,423.

The price of Bitcoin also briefly plunged below the 100 million won threshold to 88.27 million won at around 11:00 p.m. on Upbit, Korea's largest cryptocurrency exchange, down by more than 30 percent from the trading price at 9:00 a.m. that day, but recovered back to the 128 million won range.

Users of Ubit have been experiencing difficulty accessing the app since the announcement.

The Eurex Mini Kospi 200 Futures Index, trading between 6 p.m. and 5 a.m. Korean time, sharply dropped to 319.22 as of 11:58 p.m., down 2.07 percent from the previous session.

The Korea Exchange, the country's bourse operator, is currently mulling whether to open the market on Wednesday as of the press time of 12:00 a.m.

BY SHIN HA-NEE [[email protected]]