Seoul: The South Korean currency experienced a significant drop against the U.S. dollar after President Yoon Suk Yeol announced emergency martial law. This dramatic shift occurred during the nighttime offshore trading session, with the Korean won plummeting to 1,441 won per dollar. The unexpected declaration came in a late-night address on Tuesday, where President Yoon accused the opposition of seizing control of the parliament and incapacitating the government through "anti-state activities." According to Yonhap News Agency, this currency level marks the lowest since October 25, 2022, when the won hit 1,444.2 against the dollar during intra-trading. Onshore trading depicted the local currency at 1,402.9 won against the greenback at 3:30 p.m., reflecting a decrease of 1.6 won from the previous session. The financial authorities are deliberating the potential closure of stock markets on Wednesday due to anticipated market volatility. A Korea Exchange official noted that a decision regarding the opening of the stock markets for the day is yet to be made. The benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ markets are slated to operate from 9 a.m. to 3:30 p.m. An emergency economic meeting is in progress, led by Finance Minister Choi Sang-mok, with attendance from Bank of Korea Governor Rhee Chang-yong, and heads of the Financial Services Commission and the Financial Supervisory Service. The martial law declaration has also impacted the cryptocurrency market, with Bitcoin experiencing a 2.65 percent drop from the previous day as of 11:15 p.m. Wednesday. Additionally, some cryptocurrency exchanges have reported service disruptions due to increased demand.