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South Korean President Yoon Suk Yeol declared martial law on Tuesday in an emergency national address televised live.

Yoon said the decision was made to protect freedom and constitutional order, as he accused the opposition of trying to paralyze the administration with impeachment moves.

"Through the declaration of martial law, I will rebuild and protect a free South Korea," Yoon said, adding the decision was "inevitable."

South Korea's defense minister ordered a meeting with the military's top commander, according to Yonhap News.

The won tumbled after the announcement to hit 1427.10 against the dollar, its weakest level in over two years.