The South Korean won hit a 28-month low against the U.S. dollar due to escalating trade tensions between the United States and China.

According to the Bank of Korea on Sunday, the won-dollar exchange rate soared to one-thousand-182-point-nine won at one point during a session on Friday, the highest since January 17, 2017 when the rate closed at one-thousand-187-point-three won.

The Korean won fell two-point-nine percent against the U.S. dollar between April first and May 8th, posting the third largest drop among currencies of ten major emerging economies, after Turkey and Argentina.

The government is attributing the won's weakening to growing tensions between the United States and China.