Won Slumps to Lowest Since 2009 on Hawkish Fed, Political Risk
- The currency has been hit by both sides as dollar surges
- The fallout of a martial law attempt has rocked markets
The South Korean won fell to its weakest level in more than 15 years as a strong dollar combined with domestic political uncertainties slam the currency.
The dollar-won rose as much as 1.5% to 1460.2 on Thursday, bringing the won to its weakest level since March 2009 before it pared some of its losses. The currency was hit by a broad rally in the greenback after Federal Reserve officials signaled they would dial back the pace of interest-rate cuts next year. The Bloomberg Dollar Spot Index rose to its strongest level since 2022.