The South Korean won weakened past one-thousand-450 won against the U.S. dollar on Thursday, reaching its lowest point in 15 years. 

The local currency opened at one-thousand-453 won per dollar, down more than 17 won from the previous session.

It marks the first time in 15 years that the won-dollar rate has exceeded one-thousand-450 won.

The rate soared to the one-thousand-440 won range on December 4 after President Yoon Suk Yeol’s overnight martial law attempt, but remained below one-thousand-450 won until Thursday.
 
The sharp drop in the value of the won follows an interest rate cut by the U.S. Federal Reserve. 

Finance minister Choi Sang-mok held an emergency economic meeting Thursday and said the nation can expect to see increased volatility in the short term amid the significant weakening of major global currencies.