The financial crisis which began in July 1997 struck multiple currency markets of East Asia.

a. For each of the following currencies, calculate the percent change in value (against the dollar) during the period from July to November. b. Did the Korean won appreciate or depreciate against the Indonesian rupiah during this period?

Country	Currency	Exchange rate on July 1997 (per US$)	Exchange Rate on November 1997 (per US$)
China	Yuan	8.40	8.40
Hong Kong	Dollar	7.75	7.70
Indonesia	Rupiah	2400	3600
Korea	Won	900	1100
Malaysia	Ringgit	2.50	3.50
Phillippines	Peso	27	34
THailand	baht	25.0	40.0