Answer:
The current will flow in an anticlockwise direction in the loop.
Step-by-step explanation:
According to Lenz law, the induced current acts in such a way as to oppose the motion or action that produces it. A magnetic field pointing straight upwards implies that the north pole is dominant pole. The induced current is produced due to the decreasing magnetic field; which will cause the current to flow in an anticlockwise direction in the coil, so as to replace the decaying or decreasing magnetic field.
NB: A clockwise current produces a south magnetic pole, while an anticlockwise current flow produces a north magnetic pole.