Norwegian Krone Declines To New 4-week Low Against U.S. Dollar

The Norwegian Krone fell sharply against the U.S. dollar on Wednesday, as oil prices tumbled after Saudi Oil Minister Ali al-Naimi ruled out a cut in the kingdom's oil production.

The Norwegian Krone slid to a new 4-week low of 8.7599 against the greenback, compared to yesterday's closing value of 8.6046. The next possible downside target for the Norwegian currency is seen around the 8.79 area.

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