The won-dollar exchange rate is displayed at a currency exchange booth in Myeong-dong, Seoul, Friday. Yonhap

Major financial groups have begun discussions to establish emergency management plans as the Korean won has depreciated sharply against the U.S. dollar, driven by growing domestic and international uncertainties stemming from the impeachment crisis surrounding President Yoon Suk Yeol and the incoming Donald Trump administration.

Initially, these financial holding companies had prepared their management plans for next year, expecting the exchange rate to fluctuate around the 1,300 won range. However, the recent shift in market conditions has made it necessary for them to revise their strategies.

Once working-level teams finalize the specific details reflecting the market situation, the companies are expected to proceed sequentially with board reports and resolutions, as well as sharing their plans with financial authorities.

The won-dollar exchange rate, which surged to the 1,430 won range earlier this month after Yoon's Dec. 3 martial law declaration, climbed further to the 1,450 won range last week, driven by expectations of a delay in U.S. interest rate cuts.

KB Financial Group, among others, has decided to include an additional scenario where the exchange rate approaches 1,500 won.

“We prepared our business plan based on a baseline scenario assuming the financial markets gradually stabilize and the exchange rate recovers to the mid-1,300 won range,” a KB official said.

“We also plan to prepare for a scenario where the exchange rate rises to the upper 1,400 won range, considering the potential for increased uncertainties.”

Four other major financial groups — Shinhan, Hana, Woori and NH NongHyup — are also closely monitoring market conditions and reviewing potential adjustments to their forecasts.

“We plan to review revisions to our management plans to respond flexibly to changes in next year's business environment,” a Woori official said.

Experts at each company have already made significant revisions to their previous exchange rate forecasts, with some even suggesting the possibility of the exchange rate surpassing 1,500 won.

Woori Bank economist Park Hyung-jung predicted that the rate is highly likely to exceed the 1,500 won mark around January next year when Trump's inauguration is scheduled.

“The previous rate peak was around 1,440 won, but the current rate has already surpassed that level. With the psychological resistance line broken, the upper limit is now open,” he said.

KB Management Institute, an affiliate of KB Financial Group, forecasts the upper limit of the exchange rate to reach around 1,470 won in the first half of next year.

“The rate is expected to fluctuate around the 1,450 won level as the Korea-U.S. interest rate gap is expected to widen due to the delay in U.S. interest rate cuts or a reduction in the number of rate cuts next year,” the institute's chief economist Moon Jung-hee said. “We anticipate a range of 1,425 to 1,475 won.”

Yoon's presidential powers were suspended following the National Assembly's passage of an impeachment motion against him over his surprise declaration and subsequent lifting of martial law, which left the country in political turmoil. The case is currently pending at the Constitutional Court.

Trump, who is scheduled to be inaugurated as the U.S. president on Jan. 20 next year, has proposed high-tariff policies, raising concerns about their potential impact on Korea's export-reliant economy.