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On Tuesday, the South Korean won plunged against the U.S. dollar after President Yoon Suk Yeol declared martial law, causing the dollar to surge by as much as 2.7% against the won. Yoon accused opposition lawmakers of causing a political crisis and declared martial law to protect the country from North Korean communist forces and anti-state elements, marking the first imposition of martial law in the country since 1980. The move was met with criticism from opposition lawmakers and signifies the temporary military authority over the civilian population during a time of emergency.
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