$A$ square loop of side $12 \; cm$ with its sides parallel to $X$ and $Y$ axes is moved with a velocity of $8 \; cm \, s^{-1}$ in the positive $x$-direction in an environment containing a magnetic field in the positive $z$-direction. The field is neither uniform in space nor constant in time. It has a gradient of $10^{-3} \; T \, cm^{-1}$ along the negative $x$-direction (that is, it increases by $10^{-3} \; T \, cm^{-1}$ as one moves in the negative $x$-direction), and it is decreasing in time at the rate of $10^{-3} \; T \, s^{-1}$. Determine the direction and magnitude of the induced current in the loop if its resistance is $4.50 \; m\Omega$.