It is also worth adding that, in any case, it is unlikely that we would have avoided a substantial real exchange rate appreciation, with it coming through the more costly route of higher inflation. This, of course, does not mean that, at each and every point in time, the exchange rate is at its ideal rate from a domestic balance perspective.
Although there may be cases of flawed news, usually this kind of shocks uncovers truly high risk exposures on the part of the intermediaries and participants being questioned.