BER Currency News

BER Home/s

  1. Guides
  2. Currencies (A-Z)
  3. Norwegian Krone (NOK)

Norwegian Krone (NOK) - BER Currency Guide

In this currency guide we look at :


  1. NOK General Info
  2. NOK Recent Performance
  3. NOK Market View
  4. NOK Cross Rates

Norwegian Krone General Info

The three letter currency code for the Norwegian Krone is NOK and the symbol is kr. It is the domestic currency in Bouvet Island, Norway and Svalbard And Jan Mayen.

In 2016, the Norwegian krone contributed to 1.7% of total foreign exchange market volume, and as such was the world's fourteenth most traded currency. The krone is subdivided into 100 øre and was introduced in the late nineteenth century.

Norway’s economy, and consequently the value of the krone, is heavily reliant on oil and gas prices since nearly half of the country’s total exports are these commodities. The krone is therefore aptly termed a ‘petro-currency’. As of 2016, Norway was the world’s tenth largest oil exporter.

Since 1995, the krone’s lowest valuation against the US dollar came in October 2000 when USD/NOK reached 9.65. The currency was strongest in April 2008 when USD/NOK fell to just 4.94 following a boom in the oil price. Against the euro, since the single currency's introduction in 1999, EUR/NOK has traded between 7.21 and 10.16.

NOK Foreign Transfers NOK Travel Money

Norwegian Krone - Recent Performance

By mid-August, the Norwegian krone was up more than 9% on the year against the US dollar, at rates around 7.903 (NOK/USD 0.1265).

July’s break through the significant technical level of 8.0 leaves the krone with plenty of space to appreciate further. July’s low of 7.85 was, at the time, the krone’s strongest level for two years and that low remains within striking distance at the time of this report.

Earlier in the year, the krone had underperformed against its peers – the euro and the Swedish krona – because of a 20% fall in the oil price between January and mid-June. Norway’s currency is heavily influenced by oil and gas prices since exports of these commodities make up half of the country’s total exports. The krone brightened up after oil climbed from $42 to $49 per barrel between mid-June and mid-August.

Against a resurgent euro, the krone did well in July and was holding steady in August. EUR/NOK was trading close to 9.29 (NOK/EUR 0.1076).

In September, Dutch bank ABN Amro predicted that the krone would appreciate 20% against the dollar by the end of 2018, with USD/NOK falling to 6.54. As reasons for the krone’s climb, ABN cited “strong conviction” on future US dollar weakness, future commodity price rises, an improvement in global trade and potential interest rate hikes by Norges Bank. The krone was forecast to appreciate the most of all G10 currencies.


NOK/USD Chart and Calculators


Popular NOK Cross Rates
View Full List (A-Z)
1NOK=

Norwegian Krone - Best Rate Calculators

Compare NOK Foreign Transfers Compare NOK Travel Money

Popular Currency Guides

Euro (EUR)

British Pound Sterling (GBP)

US Dollar (USD)

Australian Dollar (AUD)

Full List (A-Z)

BER logo Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, AMP Tower, 50 Bridge Street, Sydney, NSW 2000, Australia

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.