The graphs show the changes in the exchange rates of the £ sterling between 1998 and 2003.
What happened to the value of the £ sterling between 2001 and 2003?

1 )
The £ appreciated against the $ and the €.
The £ appreciated against the $ and depreciated against the €.
3 )
The £ depreciated against the $ and the €.
4 )
The £ depreciated against the $ and appreciated against the €.
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