The sharp depreciation of rupee in the Forex market in the year 2011 was due to–1. flight to safety by foreign investors2. meltdown in European markets3. inflation in emerging market economies4. lag effect of monetary policy tighteningSelect the correct answer using the code given below–

• A. 1, 2 and 3 only
• B. 1, 2 and 4 only
• C. 3 and 4 only
• D. 1, 2, 3 and 4