Seoul: The South Korean currency fell sharply against the U.S. dollar Tuesday after President Yoon Suk Yeol declared emergency martial law. The Korean won had slid to as low as 1,430 won per dollar during the nighttime offshore trading after Yoon declared martial law in a previously unannounced late-night address, accusing the opposition side of controlling the parliament and paralyzing the government by conducting “anti-state activities.” It was the lowest level since Oct. 26, 2022, when the local currency sank to 1,432.4 won during intra-trading.

According to Yonhap News Agency, in onshore trading, the local currency was quoted at 1,402.9 won against the greenback at 3:30 p.m., down 1.6 won from the previous session.