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Assume that 5 years ago the exchange rate was 6 0 . 3 5 Indian rupees per U . S . dollar, and now it

Assume that 5 years ago the exchange rate was 60.35 Indian rupees per U.S. dollar, and now it is 53.11 Indian rupees per U.S. dollar. Determine how the U.S. dollar has changed. Select the best answer.
It has depreciated against the Indian rupee by 88%.
It has depreciated against the Indian rupee by 12%.
It has appreciated against the Indian rupee by 114%.
It has depreciated against the Indian rupee by 14%.
It has appreciated against the Indian rupee by 12%.
It has appreciated against the Indian rupee by 14%.

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