The South Korean won weakened further on Tuesday, with the won-dollar exchange rate closing above one-thousand-480 for a second consecutive session, a first since the global financial crisis.

In Seoul’s onshore market, the won finished at one-thousand-483-point-six per dollar, up three-point-five won from the previous session and just shy of this year’s peak of one-thousand-484-point-one recorded in April.

It marked the first time since March 2009 that the exchange rate has closed above one-thousand-480 for two straight days, underscoring persistent pressure on the local currency.

Analysts attributed the rise largely to year-end dollar demand from importers and overseas investment-related buying, which has outweighed official stabilization efforts and foreign stock inflows.

Experts said thin liquidity toward year-end has amplified the impact of even modest dollar buying, while export-related dollar selling has remained limited.

Market watchers cautioned that with few trading days left in the year, the exchange rate is likely to remain elevated around the high one-thousand-470 to one-thousand-480 range despite possible additional government measures.