Norwegian Krone Rallies After Non-OPEC Producers Join Output Cuts

The Norwegian krone joined the rally against the US dollar together with other currencies of oil-producing countries after the meeting between OPEC and non-OPEC producers on the weekend.

The Organization of Petroleum Exporting Countries met with representatives from several countries not belonging to the organization on the weekend. It was attempting to convince them to join oil production cuts that the OPEC had announced earlier. The news about success of this endeavor boosted oil prices, which in turn propelled currencies of oil-producing nations higher.

USD/NOK dropped 0.77% to 8.4375 as of 14:27 GMT today.

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