Compute the percentage change from then to today. Which is the currency that cha

Question

Compute the percentage change from then to today. Which is the currency that changed by the most?

Currency

Spot Rate, 9/1

Spot Rate, 9/26

Singapore Dollar (SGD)

$1.754/SGD

$1.7313/SGD

Indian Rupee (INR)

INR 45.7549/$

INR 45.8599/$

Brazilian Cruzerio Real (BRR)

BRR 2.988/$

BRR 2.9395/$

Hint: Use the following rules

Direct quotation: %Change = [(Ending Rate – Beginning Rate)/ (Beginning Rate)] *100

Indirect quotation: %Change = [(Beginning rate – Ending Rate)/ (Ending Rate)] * 100

Currency

Spot Rate, 9/1

Spot Rate, 9/26

Singapore Dollar (SGD)

$1.754/SGD

$1.7313/SGD

Indian Rupee (INR)

INR 45.7549/$

INR 45.8599/$

Brazilian Cruzerio Real (BRR)

BRR 2.988/$

BRR 2.9395/$

Explanation / Answer

Direct rate=Cost of one unit of foreign currency is given in local currency. The foreign currency is one unit in the rate Indirect rate=Cost of one unit of local currency is given in foreign currency. The local currency is one unit in the rate A B Currency Spot Rate, 9/1 Spot Rate, 9/26 Percentage Change Singapore Dollar (SGD) $1.754/SGD $1.7313/SGD -1.29% (1.7313-1.754)/1.754 Direct rate Indian Rupee (INR) INR 45.7549/$ INR 45.8599/$ -0.23% (45.7549-45.8599)/45.8599 Indirect Rate Brazilian Cruzerio Real (BRR) BRR 2.988/$ BRR 2.9395/$ 1.65% (2.988-2.9395)/2.9395 Indirect Rate

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