The South Korean won plummeted to a 17-year low against the US dollar on Monday, surpassing the 1,510 mark. This sharp decline is attributed to rising geopolitical tensions in the Middle East and a significant increase in global oil prices.
As of 9:54 a.m., the won traded at 1,510.40 against the dollar, after opening at 1,504.9.
Seoul stock market also experienced a steep decline at the opening bell on Monday.
The Korea Exchange reported that a sell-side sidecar, which temporarily halts program sell orders, was activated on the KOSPI at 9:18 a.m. on Monday.
At the time of activation, the KOSPI 200 futures index was at 818.45, a decrease of 44.10 points, or 5.11 percent, from Friday’s closing value.
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