Question

The spot rate of USDINR on 1st January 2023 is 83.78. If the spot rate moves to 85.06 on 6th Sep 2023, which of the following is correct about the INR?

A the INR has appreciated by 1.53%
B the INR has depreciated by 1.53%
C the INR has appreciated by 1.50%
D the INR has depreciated by 1.50%
E None of the above
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