🇳🇴 NOK vs 🇸🇪 SEK: Currency Strength Comparison
Data updated: November 6, 2026
On November 6, 2026, one Norwegian Krone bought 1.0475 SEK at the official reference rate, so per unit the Norwegian Krone is worth more. A higher unit value only reflects how each currency is denominated, not which one is gaining: over the past 12 months NOK strengthened by 11.8% against SEK, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
Adjusted for consumer-price inflation in both economies, NOK gained 9% in real terms against SEK over the same period.
NOK relative to SEK
Positive values mean NOK strengthened against SEK.
NOK vs SEK over the last three years
NOK against SEK, index 100 on November 6, 2023. A rising line means NOK gained on SEK. Dashed: the same, adjusted for consumer-price inflation in both economies. Green dot: 3-year high, red: 3-year low.
- 3-year high: 108.4 on October 28, 2026, when NOK was at its strongest against SEK in the period.
- 3-year low: 92.4 on January 12, 2026.
- Now: 106.3, 2% below the high and 15% above the low.
- Sharpest one-month move: NOK fell 5.1% against SEK between March 24, 2025 and April 9, 2025, around the time of “Riksbank cuts to 2.25%” (🇸🇪 March 20, 2025).
What moved NOK and SEK
- · 🇳🇴 Oil tops $108 as Iran targets Hormuz shipping — Escalation in the Strait of Hormuz extends the energy windfall for oil-exporting Norway
- · 🇳🇴 US-Israel strikes trigger Iran war — Coordinated strikes on Iran spark a new Middle East conflict, sending oil prices sharply higher
- · 🇸🇪 Riksbank holds, signals cuts finished — The Riksbank holds at 1.75% and signals its 2025 easing cycle is complete
- · 🇳🇴 Norges Bank cuts to 4.25% — Norges Bank delivers its first cut of the cycle, lowering the rate to 4.25%
- · 🇳🇴 Norges Bank peak rate — Norges Bank raises to 4.50%, highest since 2008
Major central-bank decisions, elections and shocks for the two currencies since November 6, 2023. The interactive chart marks them on the line.
Performance against 15 major currencies
| Currency | 12-month change vs basket | Rank |
|---|---|---|
| 🇳🇴 Norwegian Krone (NOK) | +9.6% | #1 of 16 |
| 🇸🇪 Swedish Krona (SEK) | -2.7% | #14 of 16 |
Open the interactive NOK/SEK chart →
How this comparison works
Each currency's strength index starts at 100 and accumulates its daily change against 15 other major currencies (a geometric mean of pairwise exchange-rate moves), using European Central Bank reference rates and other official sources. The relative figures above divide NOK's index by SEK's, so they reflect the two currencies' performance against each other while accounting for the whole basket. The real variant additionally adjusts each currency for its domestic CPI inflation.
Read the full methodology →Frequently asked questions
Is NOK stronger than SEK right now?
It depends on the question. Per unit, 1 NOK = 1.0475 SEK (reference rate, November 6, 2026), so the Norwegian Krone is worth more. As for which one is gaining, over the past 12 months NOK strengthened by 11.8% against SEK, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
How do NOK and SEK perform against other major currencies?
Against a basket of 15 major currencies over the past 12 months, NOK ranks #1 of 16 (+9.6%) while SEK ranks #14 (-2.7%).
What does the NOK vs SEK strength comparison show?
Rather than a single exchange rate, this page compares how each currency performed against a basket of 15 major currencies, then derives their relative strength. It filters out moves caused by the other currency alone and shows who is truly stronger.
How often is the data updated?
Every trading day (Monday to Friday), after the European Central Bank publishes its reference rates, usually around 16:00 CET.