Norwegian Krone Falls From 16-Month High

The krone fell today from the highest rate since September 2008 as the nation’s government finally expressed concern regarding the currency’s strength, halting a rally versus the euro that started in the end of 2009.

Norway’s Industry Minister Trond Giske affirmed today that the krone may become too strong, fueling speculations that the government may intervene if the currency continues to extend its gains, mostly fueled by renewed demand for crude oil, one of the country’s chief exports.

EUR/NOK closed today at 8.1805 from an opening rate of 8.1622.

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