S$1 to 1,085 won: South Korea won weakens against S'pore dollar

The Korean won weakened against the Singapore dollar on Dec. 27 amid a deepening political crisis after the South Korea parliament voted on Dec. 27, 2024 to impeach its acting president Han Duck Soo, who is two weeks in office.

The won is down almost 9.5 per cent year-to-date.

S$1 can be traded for 1,085.22 won on Friday.

At the start of 2024, S$1 traded for 981.14 won.

Han was impeached over his refusal to appoint Constitutional Court justices that will adjudicate president Yoon Suk Yeol's impeachment trial.

Earlier, parliament voted to impeach Yoon for his shocking but short-lived imposition of martial law on Dec. 3.

According to The Korea Times, the Korean won is trading at the lowest level against the U.S. dollar in nearly 16 years.

US$1 is trading for 1,474.91 won on Dec. 27, down 5.5 per cent in the past month.

The won-dollar exchange rate is forecast to return to normal next month, Korea Times reported, though there is also a possibility of the won's further weakening to breach the 1,500 won level or lower should political risks prolong, an expert was quoted as saying.

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