An infinitesimally small bar magnet of dipole moment M is pointing and moving with the speed v in the x−direction. A small closed circular conducting loop of radius a and negligible self - inductance lies in the yz-plane with its centre at x=0, and its axis coinciding with the x-axis. Find the induced current in the loop, if the resistance of the loop is R. Assume that the distance x of the magnet from the centre of the loop is much greater than a.