The Swedish Krona Exchange Rate was in the region of 0.1182 against the Euro as of 15:43 pm GMT
Earlier this week the Swedish Krona enjoyed a surge, gaining 1.2 per cent against the Euro.
The Krona’s advances were triggered by comments regarding the Swedish currency’s current rate.
On Wednesday Stefan Ingves, Governor of the Riksbank, asserted that the level of the Krona was ‘appropriate’ and ‘where it ought to be’ having risen by 6.8 per cent over the last year.
The currency was further supported against the Euro after GDP data for the 17-nation currency bloc came in below expectations.
Despite Swedish Finance Minister Anders Borg stating yesterday that as the Krona is likely to stay strong for a ‘couple of years’ businesses needed to accept the current rate and adjust to it, the Krona dropped from its four-month high against the Euro, posting a decline of 0.3 per cent, after exporters became vocal about the effect of the currency’s exchange rate on earnings.
While exporters like Fagerhult AB (who make lighting systems) voiced concerns that the Krona’s recent strength was having a negative effect on profit margins, Swedish company chairman Sverker Martin-Loef argued that the monetary policy employed by the nation’s central bank was raising the Krona above the level it would otherwise occupy.
As SEB AB currency strategist Richard Falkenhall states: ‘The smaller exporters who sell into the Eurozone do face a problem here. Big exporters are fairly relaxed when it comes to the Krona because they have become more globalised.’
After exporters concerns were made public the Swedish Krona lost ground against the majority of its most traded peers, most notably dropping 0.4 per cent on the US Dollar.
Current SEK Exchange Rates
The Swedish Krona to Pound Sterling exchange rate is currently trading at 0.1017
The Swedish Krona to Euro exchange rate is currently trading at 0.1182
The Swedish Krona to US Dollar exchange rate is currently trading at 0.1580
The Swedish Krona to Australian Dollar exchange rate is currently trading at 0.1539
The Swedish Krona to New Zealand Dollar exchange rate is currently trading at 0.1886
The Swedish Krona to Canadian Dollar exchange rate is currently trading at 0.1585
The Swedish Krona to Emirati Dirham exchange rate is currently trading at 0.5845
The Swedish Krona to Swiss Franc is currently trading at 0.1442
The Swedish Krona to Japanese Yen exchange rate is currently trading at 14.6198
These exchange rates were correct as of 15:43 pm GMT
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