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If the spot exchange rate changes from S0(ZAR/USD) = ZAR 10.00/USD to S1(ZAR/USD) = ZAR 12.50/USD, then South African rand (ZAR) appreciated in value by

If the spot exchange rate changes from S0(ZAR/USD) = ZAR 10.00/USD to S1(ZAR/USD) = ZAR 12.50/USD, then South African rand (ZAR) appreciated in value by 25 percent.

True or False?

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