Finance Minister Choi Sang-mok convened an emergency macroeconomic and finance meeting to assess the market situation after President Yoon Suk Yeol declared martial law.

In a notice to the press on Tuesday, the finance ministry said the meeting involving the Bank of Korea governor, the head of the Financial Services Commission and the chief of the Financial Supervisory Service was set to begin at 10:40 p.m.

After the meeting, the minister was expected to preside over a meeting of the ministry’s executive-level officials.

The won-dollar foreign exchange rate rose sharply after the declaration, with the South Korean currency weakening 28-point-seven won from the previous day to one-thousand-430 won against the greenback at one point during late-night trading.

The local currency strengthened 18-point-seven won to one-thousand-420 won against the U.S. dollar as of 11:03 p.m.