South Korean won plummets against the U.S. Dollar after President declares emergency

South Korea’s won fell dramatically against the U.S. dollar on Tuesday, after the South Korean President, Yoon Suk Yeol declared a state of emergency and martial law in a sudden late night address to the country.

The U.S. Dollar (USD:KRW) rose more than 1.6% against the South Korean currency, which touched a two-year low on the announcement.

In an unannounced address broadcast live on the country’s YTN television, Yoon attacked his domestic political opponents, and claimed that we would eradicate “shameless pro-North Korean anti-state forces”.

Yoon did not mention any specific danger from the neighboring North Korea, which has lately been a nuclear threat to the country.

“I declare martial law to protect the free Republic of Korea from the threat of North Korean communist forces, to eradicate the despicable pro-North Korean anti-state forces that are plundering the freedom and happiness of our people, and to protect the free constitutional order,” Yoon said.

Yoon’s surprise address shocked the country. He said he had no choice but to resort to such a measure to safeguard constitutional order, claiming that the opposition parties have taken hostage of the parliamentary process.