magnitude of magnetic field, $|B|=\frac{\mu_{0} 2 I}{4 \pi r}$
$=10^{-7} \times \frac{2 \times 50}{2.5}$
$=4 \times 10^{-6} T$
hence, in vector form magnetic field $B=4 \times 10^{-6} \mathrm{k}$ T

$STATEMENT- 2$ In the above situation, a current is induced in the ring which interacts with the horizontal component of the magnetic field to produce an average force in the upward direction.