Exchange Rate Breaks KRW 1,450 For the First Time Since the Financial Crisis, Stock Exchange Starts Plummeting Over 2%

The value of the won and the stock market started sharply as the U.S. Federal Reserve said it would slow the rate cut next year.

In the Seoul foreign exchange market this morning, the won-dollar exchange rate started at 1,453 won, up more than 17 won.

It is the first time in 16 years that the exchange rate has surpassed the 1,450 won level since March 2009 during the financial crisis.

In the stock market, the KOSPI also started at 2,426.55, down 2.33 percent from the previous trading day.

The KOSDAQ index also opened at 682.53, down 2.16% from the previous trading day.