Norwegian crown slumps to 13-year low

London

THE Norwegian crown slumped to a 13-year low against the dollar on Thursday, after the central bank surprisingly cut interest rates to record lows to boost growth in an economy struggling with the falling price of oil, its main export.

It shed over 2 per cent to trade at 8.4842 crowns, its lowest since mid-2002, according to Reuters data. Against the euro, the Norwegian crown fell to 9.5080 crowns per euro, its weakest since Aug 26, and on track for its biggest one-day percentage loss in over two years.