A television screen shows a news broadcast of South Korean President Yoon Suk-yeol delivering a speech on emergency martial law in Goyang, northwest of Seoul, on December 3, 2024.
Jung Yeon-J | Afp | Getty Images
South Korea won The U.S. dollar pared losses on Tuesday after President Yoon Suk Yeol said he would lift the country’s first martial law order in more than four decades.
The greenback was last seen up 1% against the win. It traded up 2.7% in the previous day.
Yoon’s publication End of martial law It came after Parliament quickly rejected his declaration. The country’s currency has fallen to a two-year low US dollars After Yoon’s initial decision that the country would go under matrimonial law, this referred to the temporary imposition of military authority over the civilian population and was often seen during a state of emergency.
Yoon accused opposition lawmakers of controlling parliament and pushing the country into political crisis. The move, which has not been imposed in Asia’s fourth-largest economy since 1980, was sharply criticized by opposition lawmakers.
US Dollar/Korean Won Foreign Exchange Spot Rate.
Yun’s conservative People Power Party and the liberal opposition Democratic Party are deadlocked in negotiations over the 2025 budget bill.
The 63-year-old took office in May 2022 after winning a presidential election by the narrowest margin in the country’s history. His foreign policy has been dominated by a tough stance on North Korea, but Yoon has sought to strengthen ties with the US and Japan.
Exchange-traded funds And US-listed shares of Korean-based firms fell on the news before recovering after the country’s parliament voted to lift martial law.
The MSCI South Korea ETF It was down 1.6% after falling 6.5% in the previous session.
Meanwhile, stocks Coupon And POSCO HOLDINGS 3% ad less than 4% respectively. KT Corporation And KB Finance fell by 0.4% and 1.6% respectively.
