The Norwegian crown sank to its weakest in more than a decade against the U.S. dollar on Friday, a day after Norway’s central bank unexpectedly cut interest rates and as oil prices slid to a 5-1/2 year low.
The Norges Bank reduced its benchmark rate by 25 points on Thursday to 1.25 percent, the lowest since 2009, and said it could ease policy further due to the impact of lower oil prices on the economy, which relies heavily on oil exports.
Brent crude continued its march lower on Friday, falling to $63 a barrel – around 45 percent down since June.
All of that saw the dollar rise to as high as 7.3451 Norwegian crowns, its strongest since September 2003. The greenback was last trading at 7.3155 crowns, up 0.4 percent on the day.
via CNBC
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