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Buy, Sell or Transfer Norwegian Krone (NOK) in India at the best exchange rates
| Currency Name | Buy Rate (Card Rate) | Sell Rate |
|---|---|---|
| View Detailed Rate card | ||
Searching for the best Norwegian Krona (NOK) to INR exchange rate? By converting your unused NOK to INR, you can put a perfect end to your trip to Norway. For the live 1 NOK to INR rate or to sell forex online, head straight to Thomas Cook’s Online Currency Converter.
All the information right from basic to advanced encompassing the knowhow on exchanging currency is provided to you from the website in addition to the one shared with you by our experts. Raise as many queries & concerns and they shall all be addressed with the utmost attention to detail.
NOK or the Norwegian kroner is the main currency of Norway. Called, the land of the midnight sun, Norway’s currency is a symbol of the high cost of living. The NOK is in the 14th position when it comes to the most traded currencies in the world and reflects Norway as a well-developed mixed economy. Norway is one of the major oil exporters in Western Europe, and a large section of its funds comes from oil revenues.
Used across the country as the primary currency, the NOK is also accepted in some neighbouring countries like Finland and Sweden. The modern economy with strong property protection rights, a robust legal framework and sustainable economic dynamics creates an innovative commercial environment.
From 1816 to 1875, the Norwegian specsidaler/ speciedaler was the active currency in Norway. In 1875, when Norway became a part of the Scandinavian Monetary Union, the Norwegian speciedaler was ceased and the krone was chosen. However, with the onset of the First World War, the monetary union was dissolved, and the member countries maintained the names of their currencies. Norway went ahead with the Norwegian krone. The English meaning of the word ‘krone’ is crown, Norway is one of the few countries that use a currency which translates as “crown”. Just like the Euro has pennies and cents, there are 100 Øre in 1 NOK.
Just like almost all other currencies, the value of NOK and INR vary on a regular basis. These changes are majorly affected by the changes in interest rates, oil prices as well as the price of the US dollar, along with various other factors. Apart from these, the rates of interest and the country’s inflation also play an important role when it comes to currency exchange. When there is a high rate of interest, lenders have more potential of earning. This further attracts foreign capital. Also, bear in mind that interest rates are correlated to inflation and the exchange. Another crucial factor is the country’s ongoing account deficit. Spending more than earning brings an account deficit, which in turn can lower the exchange rate of that country.
The availability of a currency converter has made the calculation rather simple. You can instantly find out the most accurate conversion that too in a few seconds. The NOK to INR rate of exchange is INR 7.85. Here is a quick example that would help you easily understand the conversion:
Lekha Lakshman has been living in Norway for the past many years. It is her nephew’s twentieth birthday, for whom she wishes to transfer some money. She wishes to make the transaction of NOK 1,000 today. So with an exchange rate of INR 7.85, her nephew, who is in India, will receive approximately INR 7852.05.
When making an international transaction, knowing the conversion rate is imperative. It becomes all the more important if the amount being transferred is significant. While using the calculator can save time and effort, here’s how the conversion can be done manually.
NOK 1 = INR 7.85
NOK 10 = INR 78.52
NOK 100 = INR 785.2
INR 1 = 0.12
INR 10 = NOK 1.27
INR 100 = NOK 12.7
The regulation as well as circulation of the Norwegian krone, NOK is controlled by the Norges Bank which is the central bank of Norway. Similarly, in India, it is the Reserve Bank of India that has this responsibility. Also, there is no single definitive factor when it comes to determining the exchange rates, it depends on the basket of currencies or one currency, for example, INR that it is being measured against.
The Norwegian economy is considered to be a prosperous one with a dynamic private sector. Developing at a fast pace to an open market economy, India's diverse economy includes traditional as well as modern agriculture, handicrafts, industries etc. the two countries also share businesses. In the year 2021, India exported about $594 million to Norway, while Norway exported around $1.88 billion to India. As the Norwegian economy is small yet significantly open, the exchange rate of NOK is very important to the country’s economic development. Exchange rates are rather difficult to model, as they are strongly influenced by a number of factors. Before you indulge in any kind of foreign money transaction, it is best advised that you make use of the conversion calculator.
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