Editing Norwegian krone (section)

== Exchange rates ==
{{Unreferenced section|date=November 2021}}
{{Most traded currencies}}
[[File:Euro exchange rate to NOK.svg|thumb|400px|right|The cost of one [[euro]] in Norwegian krone (from 1999)]]
The value of the Norwegian krone compared to other currencies varies considerably from one year to another, mainly based on changes in [[Petroleum#Pricing|oil prices]] and interest rates. In 2002 the Norwegian krone grew to record high levels against the [[United States dollar]] and the [[euro]]. On 2 January 2002, 100 kroner were worth US$11.14 ($1 = 8.98&nbsp;kroner). In July 2002, the krone hit a high at 100 kroner = $13.7 ($1 = 7.36&nbsp;kroner). In addition to the high level of interest, which increased further on 4 July 2002, to 7 percent, the [[price of oil]] was high. At the time Norway was the world's third largest [[Economy of Norway#Oil-exporting country|oil exporter]].

In 2005, oil prices reached record levels of more than 60&nbsp;dollars per [[barrel (unit)|barrel]]. Although interest rates had decreased to around 2 percent, the Norwegian krone grew even stronger.

However, in late 2007 and early 2008, the dollar suffered a steady depreciation against all other major currencies. The Norwegian krone was gaining value at the same time; as a result, the krone became stronger than ever compared to the dollar, making the dollar worth about 5 kroner in April 2008. By October 2008, the dollar had recovered and was worth approximately 7 kroner. Following 2009, the krone once again saw strong growth, making the dollar worth about 5.8 kroner as of the beginning of 2010.

Since the mid-2010s, the Norwegian krone has been slowly but steadily weakening against most currencies.<ref name=":0">{{Cite news |title=Norway's weak currency presents a mystery |url=https://www.economist.com/finance-and-economics/2024/09/12/norways-weak-currency-presents-a-mystery |url-access=subscription |url-status=live |archive-url=https://archive.today/20240914110410/https://www.economist.com/finance-and-economics/2024/09/12/norways-weak-currency-presents-a-mystery |archive-date=14 Sep 2024 |access-date=2024-09-15 |newspaper=The Economist |issn=0013-0613}}</ref> This presents a mystery, as [[Norway's economy]] has been strong and growing, and the decline cannot be fully explained by either [[oil price]] changes or [[interest rate]] differences between countries.<ref name=":0" /> However, {{As of|2024|lc=y}}, the krone is still overvalued based on the [[Big Mac Index]].<ref name=":0" />

{{Exchange rate|NOK|DKK|SEK|header=h3}}