A british pound cost $1.56 in u. s. dollars in 1996, but $1.66 in u. s. dollars in 1998. was the pound weaker or stronger against the dollar? did the dollar appreciate or depreciate versus the pound?

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Keegan Hendricks

Business

4 November, 15:55

A british pound cost $1.56 in u. s. dollars in 1996, but $1.66 in u. s. dollars in 1998. was the pound weaker or stronger against the dollar? did the dollar appreciate or depreciate versus the pound?

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Morgan · Answer 1

If you could buy 1 British pound with $1.56 US dollars in 1996, but then in 1998 it costs $1.66 US dollars to buy the same British pound, it means that the British is now more expensive or is stronger compared to the US dollar.

This also means that the US dollar has depreciated between 1996 and 1998.