If the exchange rate of a country falls with respect to the other country then its exports become cheap while imports become expensive. For example : If earlier, the exchange rate was US$\mathrm{\$}1=$ INR 60 , and if the exchange rate decreased to US$\mathrm{\$}$1 = INR 70 , then businesses that are selling their products in the US will receive more money. So, if my product was priced at US$\mathrm{\$}5$, earlier I was receiving $5*60=$ INR 300 , now the exchange rate depreciated to INR 70 , so for the same priced product in the US that is priced at US$\mathrm{\$}5$, I will be receiving $5*70=$ INR 350. Similarly, for imports, as the exchange rate depreciated to INR 70 and if I want to purchase a Smartphone worth US$\mathrm{\$}200$; earlier I had to pay $200*60=$ INR 12,000 . Now I will pay, $200*70=$ INR 14,000 .
Exactly opposite will happen when exchange rate will appreciate. For example: when US$\mathrm{\$}1$= INR 60 will become US$\mathrm{\$}1=$ INR 50 .