In the Macro exam last week (edexcel), i talked about how exchange rates can cause an increase in international competitveness.
The question specifically was about policies in which the UK could use to increase the international competitiveness of its exports.
I assumed that as the question in centred in the UK i mentioned that the Central Bank can reduce the interest rate causing an outward hot money flow and depreciation as the pound is floating.
However I've seen loads of people actually say it was devalued rather than depreciated, due to me saying that the pound depreciated in the exam, will I lose marks for not saying devalued?