Historical krone collapse – almost 12 kroner to a dollar

Norwegian kronerNorwegian kroner.Photo: Berit Roald / NTB scanpix

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The krone has fallen sharply against all currencies overnight. A dollar now costs almost 12 kroner.

One US dollar before the IPO costs NOK 11.85, one pound costs NOK 13.61, while one euro costs NOK 12.93, writes Dagens Næringsliv.

The krone rate on Wednesday is by far the biggest fall since Norges Bank left the fixed exchange rate regime in 1992. In six hours, the krone fell by 1 kroner against the dollar on Wednesday, and the fall continued night to Thursday. At the lowest, the krone was measured against the dollar at 11.96 krones early Thursday.

The previous “record” was December 16, 2014, when the krone exchange rate plunged 60 cents in a short time, writes E24.

The krone is sensitive to the oil price, which has more than halved in a month. A barrel of North Sea oil was well below $26 last night Thursday.

© NTB Scanpix / #Norway Today

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2 Comments on "Historical krone collapse – almost 12 kroner to a dollar"

  1. Oh gosh.

    And thinking coronavirus economic collapse and the oil supply shenanigans going on, I had my U.S. bank send over almost everything of what retirement I had currently/temporarily accumulated, thinking the *dollar* would tank instead.

    My baby – just turned 60 – brother who works in international finance on the Chicago Loop said the dollar would stay strong when I told him what I had done … after having done it. :-/

  2. Darn! We were planning a trip to Norway in June, but cancelled it because of the COVID-19.

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