Anchor: The South Korean currency buckled against the U.S. dollar to hit its weakest point in 15 years on Thursday while domestic stocks sharply dropped amid concerns of market volatility stemming from the U.S. Fed's 25-basis-point rate cut and changes to related timeframe. The news comes as jitters in South Korea continue following a short-lived martial decree.
Choi You Sun reports.

Report: The value of the Korean won and local shares all plunged on Thursday amid a forecast that the pace and scope of U.S. Federal Reserve's rate cut would be slowed and reduced.

The South Korean won weakened 16-point-four won against the greenback, with Thursday's Seoul closing spot rate at 3:30 p.m. standing at one-thousand-451-point-nine won.

It is the first time in 15 years and nine months that the closing spot rate surpassed the one-thousand-450-won mark since the global financial crisis of 2009.

The sharp drop in the value of the won follows a quarter-percentage-point interest rate cut by the U.S. Fed, and an announcement that it sees only two additional 25-basis-point cuts next year, down from four.

The U.S. dollar strengthened upon the news, while major shares on Wall Street all plummeted.

On the stock exchange, the benchmark KOSPI shed 48-point-five points, or one-point-95 percent, from the previous day to close at two-thousand-435-point-93, with all top ten shares by market capitalization falling.

Institutions and foreign investors showed net sales worth 510 billion won and 429 billion won, or around 351 million and 296 million U.S. dollars, individuals picked up shares worth a net of 803 billion won.

The tech-heavy KOSDAQ also lost 13-point-21 points, or one-point-89 percent on Thursday to end the day's trading at 684-point-36.
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.
Choi You Sun, KBS World Radio News.