The Norwegian Krone slumped against the euro in European deals on Wednesday, amid slide in oil prices and ahead of the Norges Bank's rate decision due tomorrow.

The central bank is widely expected to hold fire, retaining rates at 1.50 percent. The bank next meets in March.

Increasing political uncertainty in Greece, slow down in consumer prices in China and fears of over supply weighed on oil prices. Norway being a big oil producer, falling oil prices have hit hard the Norwegian Krone.

The Norwegian Krone declined to 8.9274 against the euro, its lowest since July 2009, and down by 1.3 percent from yesterday's closing value of 8.8089. The Norwegian Krone may find support around the 9.1 zone.

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