Norwegian krone strongest since December 2022. Dollar may fall to 9 NOK

On the morning of January 26, the Norwegian krone was gaining in value. The dollar exchange rate fell below 9.80 NOK. The euro also became noticeably cheaper. According to market data, this is the strongest NOK-USD rate since December 2022. Against the euro, this is the best result (11.54 NOK) since June last year.

The dollar was traded even at 9.71 NOK. At the beginning of the year, it cost 10.07 NOK. This means a clear strengthening of the Norwegian krone in a short period. In the same period, the euro fell from 11.84 NOK to 11.54 NOK. The data confirm a strong upward trend for NOK, but historically the currency remains weak.

The main factor is changes in the actions of Norges Bank. The central bank switched from selling kroner in December to buying them in January. This changed currency flows in favor of NOK. At the same time, the USD is weakening in international markets. Other smaller currencies are also gaining.

Bjørn Roger Wilhelmsen, chief economist at Nordkinn Asset Management, told E24 that further strengthening of the NOK cannot be ruled out. In his opinion, a level of around 9 NOK per 1.00 USD is more likely than 10 NOK. He points out that the USD has historically been strong, while the NOK has been exceptionally weak. The Swedish krona has already reached a similar level.

The expert draws attention to the importance of international factors. The US dollar weakened, among other reasons, after political decisions in the United States. Discussions around trade and the situation with the Federal Reserve (Fed) also had an impact. The market also reacts to US domestic policy and Donald Trump's announcements regarding Greenland and Canada.

In January, although slightly, the Norwegian krone also strengthened against the Polish zloty. At the beginning of 2026, the Polish zloty was valued at 2.81 NOK. On January 26, the amount averaged 2.75 NOK. The decline started on December 17 (2.84 NOK).