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The inflation rate in UK is 4% and the inflation rate in the US is 2%. The nominal exchange rate (pounds per dollar) declined by

The inflation rate in UK is 4% and the inflation rate in the US is 2%. The nominal exchange rate (pounds per dollar) declined by 5%. What is the change in the real exchange rate?

The pound appreciated against the dollar In real terms by 3%.

The pound depreciated against the dollar In real terms by 3%.

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