The South Korean currency, the won, fell this Thursday to its lowest level in more than fifteen years against the US dollar, after the South Korean opposition today presented a motion to try to remove Han Duck-soo, president, in the coming days. minister who serves as interim president of the country.
At the close of the Seoul Stock Exchange, at 3:30 p.m. local time (6-30 GMT) this Thursday, the currency was trading at 1,437 won per dollar, 8.4 less than in the previous session and which is the highest level. low since March 13, 2009, when it reached 1,483.5 won per dollar.
The currency opened at 1,455.2 won per greenback, 1.2 won below Tuesday’s figure and after the stock market and foreign exchange market were closed on the 25th for a national holiday.
The weakening of the won occurs on a day in which the South Korean opposition presented to Parliament a motion that will be voted on tomorrow to seek the dismissal of Han Duck-soo, prime minister and interim president of the country, after the head of state in office today will refuse to comply with their demands.
The announcement by the liberal Democratic Party (PD) comes after Han said that he will not approve appointments of new judges to the Constitutional Court, as demanded by the opposition, until the PD itself and the ruling and conservative People’s Power Party (PD) PPP) reach an agreement regarding the three judges who must occupy the vacant seats of the South Korean highest court.
The won would also have been affected by the recent comments from the US Federal Reserve (Fed), that it will reduce the number of interest rate cuts it anticipated for 2025.
Also after the election of Donald Trump as president of the world’s leading economy and the growing concern about the decisions he may make in his tariff policy and how this may affect other economies, including South Korea.
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After South Korean President Yoon Suk-yeol failed to impose martial law in the country on December 3, the nation has been involved in a deep political crisis that has especially affected the stock market and currency, which is approaching the psychological barrier of 1,400 won per greenback.
