The South Korean currency buckled against the U.S. dollar on Thursday, hitting its weakest point in 15 years amid concerns of market volatility stemming from changes in the Fed’s rate cut time frame and jitters following a short-lived martial decree at home.

Thursday’s Seoul closing spot rate at 3:30 p.m. stood at one-thousand-451-point-9 won against the greenback, 16-point-four won weaker than a day earlier.

The local currency opened at one-thousand-453 won per dollar, devaluing more than 17 won than the previous day. 

The sharp drop in the value of the won follows a quarter-percentage-point interest rate cut by the U.S. Federal Reserve, and an announcement that it sees only two additional 25-basis-point cuts next year, down from four.

Finance minister Choi Sang-mok held an emergency economic meeting Thursday and said the nation can expect to see increased volatility in the short term amid the significant weakening of major global currencies.