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Won breaches 1,480 mark as political chaos escalates and impeachment vote looms

Published: 27 Dec. 2024, 11:31 Updated: 27 Dec. 2024, 11:35

SHIN HA-NEE
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi trading below the 2,400 threshold while the won-dollar rate surpasses the 1,480 mark for the first time since the 2009 financial crisis, ahead of an impeachment vote against acting President Han Duck-soo on Friday. [YONHAP]

The Korean won plummeted to breach the 1,480 won per dollar mark for the first time since the global financial crisis of 2009, and the benchmark stock index dipped below the 2,400 threshold amid heightened political chaos as acting President Han Duck-soo faces an impeachment vote Friday afternoon.

The won-dollar exchange rate surged more than 15 won from the previous session's closing rate during mid-trading, breaking the 1,480 won per dollar mark at around 11 a.m.

This represents the weakest point during regular trading since March 16, 2009, when the rate hit 1,488 won per dollar.

After opening at 1,467.5 won against the greenback, the won-dollar rate surpassed the 1,470 won per dollar threshold at 9:15 a.m.

The Kospi also took a plunge, falling as low as 2,391 at 11:11 a.m., down 38.67 points or 1.59 percent from the previous session. As of 11:16 a.m., the Kospi stood at 2,396.12, down 33.55 points or 1.38 percent.

The National Assembly is set to vote on an impeachment motion against acting President Han later Friday afternoon over his refusal to appoint Constitutional Court justices to adjudicate President Yoon Suk Yeol's impeachment trial.

BY SHIN HA-NEE [[email protected]]