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A year ago, the pound was trading at 515 Nigerian nairas (NGN) per pound and 93 Indian rupees (INR) per pound. Today, the pound is

A year ago, the pound was trading at 515 Nigerian nairas (NGN) per pound and 93 Indian rupees (INR) per pound. Today, the pound is trading at NGN 530/ and INR 100/.

Calculate the cross rates for the naira per rupee at the two dates and determine the percentage appreciation or depreciation of the Indian rupee relative to the Nigerian naira.

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