The Norwegian Krone advanced against the euro in early European deals on Thursday, as the Norges Bank kept its key policy rate unchanged following a rate hike in September.

The Executive Board maintained its key rate at 0.75 percent, in line with economists' expectations.

The bank noted that the economic upturn was continuing and that capacity utilisation was close to a normal level. The outlook and balance of risks pointed to a gradual increase in the key policy rate.

The Norwegian Krone rose to 9.5006 against the euro, from a low of 9.5290 seen at 3:30 am ET. The next possible resistance for the Norwegian Krone is seen around the 9.4 region.

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