Seoul: The Korean Won's real effective exchange rate fell to its lowest level in about 16 years, according to data released on Sunday.

According to Qatar News Agency, as reported by the Bank of Korea, the real effective exchange rate stood at 89.09 points at the end of October, down by 1.44 points from the previous month. This marks the weakest level for the currency since August 2009, when the index was 88.88.

It is also lower than the level of 89.29 recorded at the end of March, a period that saw peak internal political uncertainty following former President Yoon Suk-Yeol's brief imposition of martial law. Among the 64 countries covered in the BIS data, South Korea ranked third in terms of the lowest real effective exchange rate at the end of October, behind Japan (70.41 points) and China (87.94 points).

Additionally, the monthly drop of 1.44 points was the second fastest globally during that period, after the New Zealand currency's 1.54-point decline, marking the biggest monthly fall for the won since its 1.66-point slide in March this year.