Norwegian krone weakest against euro since 2008

Source: Xinhua| 2019-10-17 05:17:51|Editor: Mu Xuequan
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OSLO, Oct. 16 (Xinhua) -- Norwegian krone depreciated to 10.13 against euro Wednesday morning, the weakest since the bottom record of 10.17 kroner against euro in 2008, the year of global financial crisis, online newspaper E24 reported.

Against the U.S. dollar, the krone depreciated to 9.18, which was the weakest in 18 years, the report said.

"This fall will be a real time of unrest for the krone exchange rate," Kjetil Martinsen, foreign exchange strategist in investment firm Swedbank, told E24.

Martinsen expected the krone exchange rate to be further weakened to 10.20 against the euro over the next three months.

The trend implied more expensive trips and purchases abroad for Norwegians and increased costs for Norwegian import companies. Norwegian exports, on the other hand, can benefit from a weaker krone.

According to E24, the trade conflict between China and the U.S. currently has more to say for the krone exchange rate than Brexit, since it is slowing down global growth and demand for oil.