The Swedish Krona dropped against the U.S. dollar in the European session on Thursday, after Sweden's central bank left its key rate unchanged and signaled that the rate will be first raised in the second half of 2024.

The Executive Board of Riksbank decided to hold the repo rate at zero percent. The bank brought forward the timing of the first rate increase to the second half of 2024.

The Riksbank's asset purchase programme initiated in March 2020 came to an end at the turn of the year. Since then, the holdings have not increased.

To compensate for maturing assets, the board decided that the Riksbank will purchase bonds for SEK 37 billion during the second quarter of this year.

The bank said the asset holdings will remain approximately unchanged in 2022 and then decrease gradually.

The Swedish Krona weakened to a 2-day low of 9.17 versus the greenback from yesterday's closing value of 9.11. The Swedish Krona is seen finding support around the 9.4 level.

US Dollar vs SEK (FX:USDSEK)
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