10 Worst Performing Currencies of 2024

3. South Korean Won

1 USD = 1461.57 KRW

2024 Returns: -12.4%

Political instability has understandably done serious damage to the Korean won. Notably, the won fell to its lowest level in over 16 years versus the US dollar in mid-December, amid rising turmoil triggered by President Yoon Suk Yeol’s martial law order and subsequent impeachment. At the same time, as the US dollar’s value rose against the Korean won, an increasing number of investors began changing their dollar assets into Korean won to benefit. In the first 20 days of December, $213 million in dollar assets were converted into Korean won. The figure amounts to a daily average of $10.7 million, the largest since August 2023, when it was $18.4 million.