Option 1 -> Revaluation is an official government action to adjust currency value upward.
Option 2 -> Appreciation means the currency becomes stronger and buys more foreign currency.
Option 3 -> Depreciation means the currency becomes weaker and buys less foreign currency.
Option 4 -> Devaluation is an official government action to reduce currency value.
Hence, Option 3: Depreciated -> Initially, the exchange rate was ₹400/8 = ₹50 per dollar. After the price changes, the rate became ₹480/\12 = ₹40 per dollar. Since $1 now buys only ₹40 instead of ₹50, the dollar has weakened or depreciated against the rupee. The dollar's purchasing power decreased in terms of rupees. -> correct