A rectangular loop PQMN with movable arm PQ of length $12\,\text{cm}$ and resistance $2\,\Omega$ is placed in a uniform magnetic field of $0.1\,\text{T}$ acting perpendicular to the plane of the loop. The resistance of the arms MN, NP and MQ are negligible. The current induced in the loop when arm PQ is moved with velocity $20\,\text{ms}^{-1}$ is