The Norwegian krone is set to appreciate after Norges Bank announced a 25 basis point hike, making Norway the first country in Europe to raise rates since the onset of the financial crisis in September 2008.With the base rate lifted from a record low of 1.5 per cent, the krone is set to outstrip other commodity-linked currencies such as the Canadian dollar as the country has been insulated from the financial crisis by a strong oil surplus.Speaking to the Financial Times, Alan Ruskin, an analyst at RBS, said that foreign exchange brokers and traders should see any risk-based pullback on the currency as a buying opportunity.The krone suffered losses in trading yesterday (October 28th), although it proved stronger than most competitors in what was a generally bearish session.Other high-yielders such as the Canadian and Australian dollars also closed lower, while the yen climbed against the euro amid haven buying.