Answer
The induced current flows counter-clockwise.
Work Step by Step
We can use Lenz's law to solve this question.
The magnetic flux through the loop, which is directed out of the page, is reduced due to the direction of the bar. By Lenz's law, the induced current must oppose this change. Therefore, the current must flow in a direction which produces magnetic flux out of the page. By the right hand rule, the current must flow counter-clockwise.
