Q3 Three-years ago the USD/RUB exchange rate was 77.37 and today the exchange rate now sits at USD/RUB 92.58. Three-years ago the USD/INR exchange rate was 74.71 and today the exchange rate now sits at USD/INR 83.30.

Russian inflation has been at rates of 9.2%, 11% and 7.7% over the last 3 years. In India, the inflation rates have been 5.5%, 6.7% and 5.7%.

(a) Has the RUB appreciated or depreciated against the INR over the last 3 years?

(b) What is the total percentage change of the RUB against the Indian Rupee in nominal terms over the last 3 years.