An interest rate hike by Norges Bank has strengthened the Norwegian Krone against the U.S. Dollar and the Euro.

Reports indicated that the U.S. Dollar traded at 9.26 Kroner and the Euro at 10.90 Kroner before the announcement, with the exchange rates improving to 9.23 and 10.87 respectively shortly after the interest rate hike.

Higher interest rates can lower import prices, which may help curb inflation in Norway.

XTB noted that Norges Bank is the first major European central bank to implement this move.

The Norwegian Krone is considered one of the world’s G10 currencies, a group comprising the most traded currencies globally.