The South Korean Won hit a 15-year low against the U.S. dollar on December 26, breaching the 1,460 KRW per dollar mark in early trading.

The KRW-USD exchange rate reached 1,463.9 KRW per dollar around 10:12 AM, according to the Seoul Money Brokerage Services. his level hasn't been seen since March 16, 2009, during the global financial crisis, when it hit 1,488 KRW. In 1998, the Korean Won against the dollar hit 1,472 KRW during the IMF crisis.

According to reports, the value of the KRW continues to depreciate as political unrest persists following the impeachment of President Yoon Suk Yeol. The Chosun Daily reported, "The Democratic Party of Korea and other opposition parties plan to address a motion to appoint three Constitutional Court justices at a National Assembly plenary session later today. The Democratic Party has warned that if acting president Han Duck-soo refuses to appoint the justices, they will initiate impeachment proceedings against him. If the impeachment motion passes the National Assembly, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok will assume the role of acting president."

Additionally, according to the news media outlet, the strong U.S. dollar is continuing to contribute to the depreciation of the Korean Won. The Chosun Daily explained, "The Federal Reserve projects only two rate cuts for 2025, fewer than previously forecasted, according to the central bank’s medium projection for interest rates, otherwise known as the dot-plot, on Dec. 18."

Financial analysts are concerned over the short-term outlook for the KRW. Wee Jae Hyun, a researcher at NH Futures explained, "There were hopes that the won’s downward trajectory might ease after the martial law fiasco died down, but ongoing political uncertainties, including the potential impeachment of the acting president, are adding downward pressure on the won. The won-dollar exchange rate is unlikely to fall below 1,450 won anytime soon."

Korean netizens are also concerned over the depreciated value of the KRW. They gathered on a popular online forum and commented:

"This is bad."

"I'm going overseas for vacation next year..."

"We're screwed for real. I'm planning to travel next year, what should I do?"

"Oh no... We're ruined."

"I'm seriously worried..."

"If we're going to dismiss the insurrectionists, let's do it thoroughly."

"Looking at the exchange rate, our country feels like a real developing nation.."

"Just when I decided to travel, why are you doing this to me, to democracy?"

"This is crazy, really crazy."

"It really shouldn't reach 1,500... How much foreign exchange reserves do we have left?"

"I can't sleep because I'm so sad looking at the exchange rate..."

"This is insane. I should have exchanged when it was at 1450."

"It's up 200 from a year ago lol. What have they been doing?"

"Please tell me this is a lie."

"Stop going down."

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