The Korean won sharply weakened on Monday as risk aversion intensified amid concerns over the tariff war.

The local currency weakened 33-point-seven won against the U.S. dollar, with Monday’s Seoul closing spot rate standing at one-thousand-467-point-eight at 3:30 p.m.

The drop marked the biggest single-day decline since a 40-won plunge on March 19, 2020, at the start of the COVID-19 pandemic. 

The won fell as low as one-thousand-471-point-six against the U.S. dollar during the day.

The U.S. dollar index, which measures the dollar against six major currencies, rose zero-point-64 percent to 102-point-546. 

Meanwhile, the Japanese yen weakened by zero-point-31 percent to 145-point-576 yen against the US dollar.