The Norwegian krone has plunged, suffering the third worst declines against a basket of major currencies against the euro this year. However currency analysts are predicting the Norwegian currency will rise by 9% against the euro this year, recovering some of its 11% decline from June 2008.

The recent rally in equities has revived risk appetite and the krone is also set to benefit from rising commodity prices. The OECD predicts the Norwegian economy will contract by less than the eurozone and grow by more in 2010. The Norwegian economy is driven by exports of oil and natural gas and the recent rise in commodity prices has led the krone higher.

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