South Korean Won Nears Crisis Levels

South Korea's won-dollar exchange rate reached its weakest level in over 17 years, hitting 1,561.5 won overnight.

This decline is fueled by foreign stock selling and concerns over inflation, prompting authorities to vow stern action against excessive volatility.

President Lee Jae Myung attributed the won's weakness to foreign investors rebalancing portfolios after a sharp rally in local stocks, calling the decline temporary.

However, authorities urged banks to step up controls against 'speculative market-disrupting behavior,' as the chip rout continues to test 'ant' investors and margin debt soars.