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One euro now costs over 10 kroner

One euro.Photo: pixabay.com

The Norwegian krone has weakened to its weakest level of the year. On Monday night, one euro was traded at just over 10 kroner, according to Infront.

Since the introduction of the euro, the Norwegian currency has depreciated only a few times to over NOK 10 against the euro, writes E24.

On Monday, the krone depreciated to NOK 10.01 against the euro, and last it was at this level was Christmas 2018.

“When the krone depreciates, everything from foreign goods and services becomes more expensive. Of course, it hits when you are on a holiday abroad,” says currency analyst Ingvild Borgen Gjerde in DNB Markets to E24.

There are several reasons why the krone depreciates to over 10 kroner against the euro, such as weak krone trade, falling oil prices and global turmoil.

The krone has also weakened significantly against the dollar lately. On Monday, the dollar traded at NOK 8.92, which is the weakest level in several years.

© NTB Scanpix / #Norway Today

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