Using the nominal exchange rate and price level (Consumer Price Level) data in the table below, calculate the PPP equilibrium nominal exchange rates (in USDs per unit of the foreign currency) and fill in the PPP exchange rates in the boxes provided. Then state whether you expect each foreign currency (the ILS, the TWD and the SGD, respectively) to appreciate or depreciate relative to the USD in the future. Place your answer in the appropriate box.

Country S(USD/for.cur) USA Israel Taiwan PPP Equilibrium ( = 1) Foreign Currency CPL 100 USDs per ILS 440 0.03030303 USDs per TWD 3200 Singapore 0.714285714 USDs per SGD 160 USDs Exchange RateAppreciate or Depreciate 0.25