Explanation:

Correct: Devaluation of a currency can improve the competitiveness of domestic exports in foreign markets. This is because devaluation makes domestic goods cheaper for foreigners, thereby potentially increasing exports.

Incorrect: Devaluation does not increase the foreign value of domestic currency; in fact, it reduces the foreign value. That's what devaluation essentially means: the domestic currency is worth less compared to foreign currencies.

Incorrect: While devaluation can potentially improve the trade balance by increasing exports (due to cheaper domestic goods) and reducing imports (since foreign goods become more expensive), it doesn't guarantee an improvement in the trade balance. Factors such as elasticity of demand for imports and exports and other economic conditions can influence the outcome.