(Bloomberg) -- Norway’s krone hit the weakest on record against the euro, surpassing the previous record set during the 2008 financial crisis.

The krone touched 10.1641 per euro at 2:45 pm in Oslo, according to Bloomberg data, amid pressure from global tensions and weakening oil prices.

Norway is Western Europe’s biggest producer of petroleum products and gets almost half its goods exports from oil and natural gas.

Norges Bank has been puzzled by the weakening currency, a move that has allowed it to raise interest rates four times since September 2018. The central bank has increased its estimate on the currency’s equilibrium exchange rate, meaning that it now sees the weakening currency as a structural shift.

To contact the reporter on this story: Sveinung Sleire in Oslo at ssleire1@bloomberg.net

To contact the editors responsible for this story: Jonas Bergman at jbergman@bloomberg.net, Stephen Treloar, William Shaw

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