Highland Company sold goods to an Egyptian company for 350,000 Egyptian pounds on December 6, 20X3, with payment due on January 15, 20X4. The exchange rates were as follows: December 6, 20X31 Egyptian pound=$0.1593 December 31, 20X31 Egyptian pound= $0.1612 January 15, 20X41 Egyptian pound= $0.1604 Based on the preceding information, which of the following is true of the dollar's movement vis-à-vis the Egyptian pound during the period? December 6 - 31January 1 - 15A.Dollar weakenedDollar strengthenedB.Dollar weakenedDollar weakenedC.Dollar strengthenedDollar strengthenedD.Dollar strengthenedDollar weakened
A. Option A
B. Option B
C. Option C
D. Option D
Answer: A
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