Norwegian krone now stronger than Swedish for first time since 2024

The Norwegian krone surpassed the Swedish krona in value on Wednesday for the first time since June 2024, making cross-border shopping cheaper for Norwegians, Dagbladet reports.

By 3 PM local time, 100 Swedish kronor were worth just 99.97 Norwegian kroner, according to exchange rates tracked by financial news outlet E24. The shift follows months of strengthening for the Norwegian currency against multiple foreign currencies.

Senior macro and interest rate strategist Sara Midtgaard of Nordea Markets told news agency NTB that rising oil prices—spurred by the US-Israel conflict with Iran in late February—have driven the krone’s gains. So far this year, the Norwegian currency has strengthened over 8 percent against its Swedish counterpart.

“This could make some goods cheaper in Sweden than at home,” Midtgaard noted, though she added that inflation in Sweden may offset some of the effect. The krone also reached its strongest level of the year against the euro on Wednesday, with one euro trading as low as 10.85 Norwegian kroner.