🇳🇴 NOK vs 🇺🇸 USD: Currency Strength Comparison
Data updated: November 6, 2026
On November 6, 2026, one US Dollar bought 9.4277 NOK at the official reference rate, so per unit the US Dollar 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 7.9% against USD, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
Adjusted for consumer-price inflation in both economies, NOK gained 8.5% in real terms against USD over the same period.
NOK relative to USD
Positive values mean NOK strengthened against USD.
NOK vs USD over the last three years
NOK against USD, index 100 on November 6, 2023. A rising line means NOK gained on USD. Dashed: the same, adjusted for consumer-price inflation in both economies. Green dot: 3-year high, red: 3-year low.
- 3-year high: 120.1 on May 13, 2026, when NOK was at its strongest against USD in the period.
- 3-year low: 95.9 on January 13, 2025.
- Now: 116.8, 2.7% below the high and 21.8% above the low.
- Sharpest one-month move: NOK rose 8.7% against USD between March 4, 2025 and April 3, 2025, around the time of “Trump pauses tariffs after bond selloff” (🇺🇸 April 9, 2025).
What moved NOK and USD
- · 🇳🇴 Oil tops $108 as Iran targets Hormuz shipping — Escalation in the Strait of Hormuz extends the energy windfall for oil-exporting Norway
- · 🇺🇸 Senate confirms Warsh as Fed chair — Kevin Warsh is confirmed in the closest Fed chair vote in modern history, succeeding Powell
- · 🇳🇴 US-Israel strikes trigger Iran war — Coordinated strikes on Iran spark a new Middle East conflict, sending oil prices sharply higher
- · 🇺🇸 Supreme Court strikes down IEEPA tariffs — The Court rules 6-3 that Trump's emergency-powers tariffs exceeded presidential authority
- · 🇺🇸 Fed resumes cutting to 4.00-4.25% — The FOMC restarts its easing cycle after holding rates since December 2024
- · 🇳🇴 Norges Bank cuts to 4.25% — Norges Bank delivers its first cut of the cycle, lowering the rate to 4.25%
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 |
| 🇺🇸 US Dollar (USD) | +1.1% | #6 of 16 |
Open the interactive NOK/USD 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 USD'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 USD right now?
It depends on the question. Per unit, 1 USD = 9.4277 NOK (reference rate, November 6, 2026), so the US Dollar is worth more. As for which one is gaining, over the past 12 months NOK strengthened by 7.9% against USD, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
How do NOK and USD 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 USD ranks #6 (+1.1%).
What does the NOK vs USD 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.