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Assume that two months ago exchange rate between USD and Mexican pesos was USD/MXP15.95 (or 15.95 pesos per USD). Current exchange rate is USD/MXP 14.50.

Assume that two months ago exchange rate between USD and Mexican pesos was USD/MXP15.95 (or 15.95 pesos per USD). Current exchange rate is USD/MXP 14.50. Calculate the appreciation or depreciation of Mexican pesos against USD over the two months period.

A. 10% appreciation

B. 10% depreciation

C. -9.09% depreciation

D. 9.09% appreciation

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