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In January 1993, BRL 0.01(Brazilian real) was worth of USD1. In January 2018, BRL 4.0220 could buy USD1. Thus, USD ............. by ............. in Brazil

In January 1993, BRL 0.01(Brazilian real) was worth of USD1. In January 2018, BRL 4.0220 could buy USD1. Thus, USD ............. by ............. in Brazil

Revalued by 40.120%

Devalued by 40.120%

Appreciated by 40,120%

Depreciated by 40.120%

None of the above is correct

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