The South Korean currency continued its depreciation against the U.S. dollar on Thursday, breaching the one-thousand-460-won mark for the first time since the 2009 financial crisis, fueled by a persistently strong dollar and domestic uncertainties.

Thursday’s Seoul closing spot rate at 3:30 p.m. stood at one-thousand-464-point-8 won against the greenback, eight-point-four won weaker than Tuesday. 

After opening slightly lower at one-thousand-455-point-2 won per dollar, the local currency quickly reversed course, climbing sharply amid heightened market volatility. 

During intraday trading, the exchange rate briefly surged to one-thousand-465-point-5 won against the greenback, the highest in 15 years and nine months. 

The depreciation comes as the U.S. Federal Reserve signaled fewer-than-expected interest rate cuts next year, alongside market anticipation of policies under the incoming second Trump administration, sustaining the dollar’s strength.

Additionally, domestic political uncertainties, including the fallout from the martial law decree, have exacerbated market jitters, further fueling the dollar’s rally.