South Korean President Yoon Suk Yeo announced on Tuesday that they have declared martial law to clear out pro-North Korea elements, per Reuters.
Yoon said the government administration has been paralyzed because of the opposition party's conducts and added that they will rebuild a free and democratic country through martial law.
Market reaction
The USD/KRW pair surged higher with the immediate reaction to this development and was last seen trading at its highest level in two years at 1,422.20, rising 1.4% on a daily basis.
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