South Korea's Bold Currency Intervention Amid Martial Law Lifting
South Korea's authorities are believed to have intervened by selling U.S. dollars in the market to stabilize the won after President Yoon Suk Yeol retracted a martial law order. The intervention aims to mitigate the currency's decline, with intensified efforts anticipated throughout the day.
Devdiscourse News Desk | South Korea
| 04 Dec 2024, 06:28 AM
In a move to stabilize its currency, South Korea's foreign exchange authorities allegedly sold U.S. dollars on the onshore market early Wednesday. This follows President Yoon Suk Yeol's decision to lift a martial law declaration imposed overnight.
According to two currency dealers, who opted for anonymity due to the issue's sensitivity, the authorities acted decisively as markets opened, reflecting a full-scale intervention strategy for the day.
Such measures underscore South Korea's commitment to managing the won's value amidst unfolding political changes.
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