Swedish Krona At 6-day High Against U.S. Dollar After Riksbank Decision

The Swedish krona climbed against the U.S. dollar in the European session on Thursday, as Sweden central bank lifted its key interest rate by 50 basis points and signaled additional hike during the spring.

The Executive Board of Riksbank decided to raise the policy rate by 0.5 percentage points to 3.0 percent.

"By tightening monetary policy more now, the Riksbank is reducing the risk that the high inflation will remain for a longer period and thus that even greater tightening would be needed further ahead," the bank said in a statement.

With the current monetary policy stance, inflation is expected to fall back this year and to stabilise close to 2 per cent from 2024, it added.

The Swedish krona touched a 6-day high of 10.41 against the greenback from yesterday's close of 10.58. The currency is likely to challenge resistance around the 9.7 level.

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