The South Korean parliament has decided to revoke the president's martial law proclamation.

In Seoul, the South Korean National Assembly voted to repeal President Yoon Suk Yeol's martial law decree on Wednesday morning.

In three hours of Yoon declaring martial law late Tuesday night, 190 out of the 300 National Assembly lawmakers gathered to overturn the emergency martial law. Under the country's constitution, the president must comply with the National Assembly's vote.

In 44 years, South Korea declared martial law for the first time.

On Tuesday night, both Party leader Han Dong-hoon and Seoul mayor Oh Se-hoon expressed their opposition to Yoon's martial law declaration, even though it was a surprise to members of his People Power Party.

The National Assembly had been barricaded by soldiers and police officers.

The sharp decline of the won against the dollar following President Yoon's declaration caused turmoil in Korean markets, with the won last trading at approximately 1,420 won.

The White House National Security Council stated to NBC News that they are in touch with the ROK government and closely monitoring the situation.