Norway’s krone shows signs of strengthening
The Norwegian krone strengthened considerably against the dollar, euro and pound in July, but still remains weak compared to a year ago.
The Norwegian krone has weakened significantly against other major currencies since the turn of the year. Earlier in the summer, it was marked out as the weakest among the world’s ten most traded and used currencies.
However, the currency has recently been showing signs of a turnaround. In mid-July, it reached its strongest levels against other currencies since the spring.
During July, the krone strengthened against the euro by over 4 per cent and the dollar by 5.8 percent.
In recent months, the euro has cost more than 12 kroner; the dollar hit a record-high trading value of 11 kroner, and the pound has been worth up to 13.77 kroner.
On August 2nd, a euro was trading for 11.17 kroner, a dollar 10.16 kroner and a pound 12.98 kroner.
Increased interest rates in Norway compared to other countries have contributed to the krone’s turnaround in recent months.
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The Norwegian krone has weakened significantly against other major currencies since the turn of the year. Earlier in the summer, it was marked out as the weakest among the world’s ten most traded and used currencies.
However, the currency has recently been showing signs of a turnaround. In mid-July, it reached its strongest levels against other currencies since the spring.
During July, the krone strengthened against the euro by over 4 per cent and the dollar by 5.8 percent.
In recent months, the euro has cost more than 12 kroner; the dollar hit a record-high trading value of 11 kroner, and the pound has been worth up to 13.77 kroner.
On August 2nd, a euro was trading for 11.17 kroner, a dollar 10.16 kroner and a pound 12.98 kroner.
Increased interest rates in Norway compared to other countries have contributed to the krone’s turnaround in recent months.
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