when current flows through a ring in a clockwise direction, it produces the equivalent magnetic effect of a southern pole of a magnet on the coil.
Since the current is decreasing, there is a flux change on the lower ring; generating an induced current on the lower ring. According to Lenz law of electromagnetic induction, "the induced current will act in such a way as to oppose the motion or the action producing it". In this case, the induced current will have to be the same polarity to the polarity of the current change producing it so as to repel the two rings far enough to stop the electromagnetic induction. The induced current will then be in the clockwise direction on the lower ring.
