The South Korean currency rose markedly against the United States dollar Monday to reach its highest level in more than two months ahead of the central bank's rate-setting meeting.
The Korean won was quoted at 1,427.4 won per dollar, up 6.9 won from the previous session.
It marked the highest level since Dec. 10, when the currency was quoted at 1,426.9 won.
The won's strength came as the euro climbed after Germany's conservative leader Friedrich Merz emerged as the winner in Sunday's election.
The Korean currency weakened sharply to stay well above the closely-watched 1,400 won level over the past several weeks in line with the strong dollar, and amid concerns about the impact of the Donald Trump administration's sweeping tariff plan on the South Korean economy and businesses.
Market uncertainty also heightened after now-suspended President Yoon Suk Yeol shockingly declared martial law on Dec. 3 and caused political chaos.
On Tuesday, the Bank of Korea (BOK) is scheduled to hold a policy rate-setting meeting. The BOK kept its benchmark interest rate frozen at 3 percent in its latest session last month to ensure financial stability. (Yonhap)
