The value of the South Korean won plummets against the U.S. dollar following the president's announcement of a state of emergency.

• Opposition lawmakers in South Korea were accused by President Yoon Suk Yeol of controlling the parliament and causing a political crisis.
• The won reached a new two-year low against the U.S. dollar, which rose 1.4% in trading.

On Tuesday, the U.S. dollar sharply fell against the South Korean won shortly after President Yoon Suk Yeol declared a state of emergency.

The won notched a fresh two-year low on the news, while the was last seen trading up 1.4%.

On the news, the MSCI South Korea ETF dropped over 4%, reaching a new 52-week low, while the Franklin FTSE in South Korea also decreased by 3%.

The stock prices of Korean companies listed in the US decreased. Shares of Samsung SDS and Posco Holdings fell by approximately 6%, while KT Corp and KB Financial experienced a 3% decline each.

During an unexpected televised address, Yoon of South Korea accused opposition parliament members of manipulating the legislative body and causing a political crisis.

The impact of the emergency measure on the country's governance and democracy in the coming weeks was not immediately clear.

In May 2022, Yoon was inaugurated as president after winning the election by the slimmest margin in the country's history.

While he has maintained a tough stance on North Korea in his foreign policy, he has also aimed to strengthen relations with the U.S. and Japan.

This is a breaking news story, please check back later for more.