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A given basket of commodities (like 1 pound sugar, wheat, veggies, and cloths etc) costs 1,700 Indian Rupees (INR) in India and the same basket costs $100 in the US. On the basis of the above basket, what is the exchange rate (INR per $) that is consistent with the absolute version of the purchasing power parity (PPP) hypothesis? a) 2 INR per $ b) 0.17 INR per $ c) 34 INR per $ d) 17 INR per $ e) 50 INR per $