In trading against its US counterpart, the Estonian kroon plunged to an 8-week low of 12.3070 during Monday's early session. The dollar-kroon pair closed Friday's deals at 12.2048. On the downside, the Estonian currency may likely target the 12.463 level.
In economic news, the Statistics Estonia announced that industrial production declined a working day adjusted 20.7% year-over-year in December, after falling 17% in November. On an unadjusted basis, industrial production fell 16.7%.
In December, manufacturing production dipped 21.8% over a year ago, while mining production fell 17.1%.
The Estonian kroon is pegged to the European single currency since January 1, 1999. The reference rate for the euro-kroon pair is at 15.6466.
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