A year ago, the pound was trading at 515 Nigerian nairas (NGN) per pound and 93 Indian rupees (INR) per pound. Today, the pound is trading at NGN 530/£ and INR 100/£. Calculate the cross rates for the naira per rupee at the two dates and determine the percentage appreciation or depreciation of the Indian rupee relative to the Nigerian naira.

Essentials Of Investments
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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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A year ago, the pound was trading at 515 Nigerian nairas (NGN) per pound and 93 Indian rupees (INR) per pound. Today, the pound is trading at NGN 530/£ and INR 100/£.

Calculate the cross rates for the naira per rupee at the two dates and determine the percentage appreciation or depreciation of the Indian rupee relative to the Nigerian naira.

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