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From the beginning of February through March 23, the Korean won depreciated more than 9% versus the US dollar as South Korea was one of the countries with highest confirmed COVID cases outside of China. At the same time, the equity market was experiencing the same free fall as the rest of the world. Fast forward to today, and South Korea not only managed to limit the number of COVID-19 related deaths below 300, its equity market has been one of the fastest to recover.