43CNew.Holding demand constant, an decrease in supply for one currency relative to another will cause its value to depreciate relative to that currency.

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When the supply of a currency decreases relative to another currency, the demand for that currency will increase, causing its value to appreciate relative to the other currency. Conversely, when the supply of a currency increases relative to another currency, the demand for that currency will decrease, causing its value to depreciate relative to the other currency. Therefore, a decrease in supply for one currency relative to another will cause its value to depreciate relative to that currency.

43CNewHolding Demand Constant, an Decrease in Supply for One Currency