December 3, 2024

South Korea’s won cut losses against the U.S. dollar after President Yoon Suk Yeol said he would lift the country’s first martial law order in more than four decades.

The won was last trading 0.09% lower at 1,416.31 against the greenback, having depreciated 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 swiftly rejected his declaration. The country’s currency notched a fresh two-year low against the U.S. dollar after Yoon’s initial decision that the country would go under marital law, which refers to the temporary imposition of military authority over a civilian population and is typically seen during a time of emergency.

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